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Talks continuing with Shell about Iraq's Majnoon oil field, oil minister says

Published 24/09/2017, 11:54
Updated 24/09/2017, 12:00
© Reuters. FILE PHOTO: A view of Iraq's Majnoon oilfield in Basra

BAGHDAD (Reuters) - Iraqi oil minister Jabar al-Luaibi said on Sunday talks are continuing with Royal Dutch Shell (L:RDSa) on the Majnoon oil field that the company is said to be seeking to quit.

"There are still negotiations, things are not clear," Luaibi told a news conference in Baghdad. "We haven't initiated talks with other companies."

A letter signed by Luaibi, dated Aug. 23 and seen by Reuters, gave approval for Shell to quit Majnoon, a major oilfield near Basra which started production in 2014.

© Reuters. FILE PHOTO: A view of Iraq's Majnoon oilfield in Basra

Industry sources told Reuters last year that Shell was considering selling out of its oil fields in Iraq as part of its global $30 billion asset disposal programme.

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