- 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.