Crude oil output from Majnoon is now about 235,000 barrels per day. Iraq plans to boost output to 450,000bpd in three years. Reuters
Crude oil output from Majnoon is now about 235,000 barrels per day. Iraq plans to boost output to 450,000bpd in three years. Reuters

Shell hands over Iraq’s Majnoon oilfield



Royal Dutch Shell has exited the Majnoon oilfield in southern Iraq and handed over its operations to the state-run Basra Oil Company, two Iraqi oil officials close to the deal said on Wednesday.

Officials from Shell and Basra Oil met on Wednesday to mark the complete exit of Shell and the handover of operations.

“The handing-over process was smooth and without any issues,” said one Iraqi oil official after the meeting.

Shell has said it plans to focus on developing its gas joint venture in Iraq. Shell also sold its stake in West Qurna 1 to Japan’s Itochu Corp.

On April 5, the Iraqi oil ministry signed a two-year contract with Anton Oilfield Services and Petrofac to operate the giant Majnoon oilfield on behalf of Basra Oil Company.

Crude oil output from Majnoon is now about 235,000 barrels per day and Iraq plans to boost output to 450,000bpd in three years, oil officials said.

“Shell’s exit will not have any effect on production operations and we can increase output without any hurdles,” said another Iraqi oil official who is part of Majnoon’s operation team.

Iraq, Opec’s second-largest producer after Saudi Arabia, is producing about 4.4 million bpd, below its capacity, in line with global supply cuts led by Opec aimed at supporting prices and reducing oversupply.

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Starring: Judi Dench, Sophie Cookson, Tereza Srbova

Rating: 3/5 stars

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Price: From Dh529,000

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Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment

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1st Test: Zimbabwe beat Afghanistan by 10 wickets
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Play starts at 9.30am

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If you go

  • The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
  • The Double Tree by Hilton in Novosibirsk (+7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
  • The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as Altair-Tour (+7 383 2125115 ) offer hiking and adventure packages.
COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

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