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Reuters: Shell to exit Iraq's giant Majnoon oil field

Sep. 12, 2017 6:06 PM ETShell plc (SHEL) StockSHELBy: Jason Aycock, SA News Editor9 Comments
  • Royal Dutch Shell (RDS.A +0.1%, RDS.B +0.1%) will withdraw from and sell the Majnoon oil field in Iraq, according to oil ministry officials who say they're preparing the exit, Reuters reports.
  • “We respect your desire and decision to seek an acceptable end of Shell Iraq Petroleum Development SIPD’s interest in Majnoon,” the ministry says in a letter that the news service saw.
  • Majnoon, near Basrah, started production in 2014. Shell operates the field and holds a 45% interest; Petronas holds 30% while the Iraqi government has the other 25%.
  • Reuters says that Shell and the oil ministry had been discussing budgets and production plans but failed to reach a deal.

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