ENERGY

Chevron, Total, PetroChina may develop Iraq’s Majnoon oilfield

Iraq’s Minister of Oil Jabar Ali al-Luaibi speaks to journalists prior to the start of a meeting of the OPEC, at their headquarters in Vienna, Austria, on November 30, 2017. (AP)

Chevron, Total and PetroChina may form a consortium to develop Iraq's Majnoon oilfield which Royal Dutch Shell wants to exit, Oil Minister Jabar al-Luaibi said in Vienna on Thursday.

Shell plans to exit Majnoon and hand over its operation to state-run Basra Oil Co. by the end of June 2018.

Iraq is developing the Majnoon field, which currently produces around 235,000 barrels of oil per day, by itself until it can find a foreign partner.

Luaibi said in October that Iraq might offer Chevron and Total terms to develop the Majnoon oilfield that were different to those given to Shell, which has said it wants to leave because of unfavorable changes to fiscal terms.

ALSO READ: ANALYSIS: How Iran has its eyes set on Iraq oil

Iraq expects its refining capacity to increase by 100,000 barrels per day by mid-2018 with the rehabilitation of two refineries retaken from the ISIS.

The rehabilitation of Kisik refinery, near Mosul, should add 30,000 bpd in processing capacity before the end of the year, and Salahuddin 70,000 bpd within six months, he said.

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Last Update: Thursday, 30 November 2017 KSA 19:30 - GMT 16:30
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