Friday 11 December 2009

Shell and Petronas win a third of Iraq's oil reserves

A consortium led by Shell has won the rights to develop the giant Majnoon oil field at the second auction of Iraq's oil rights since the 2003 invasion.

The auction for about a third of the country's known reserves quickly surpassed last summer's sale, with Majnoon the largest field on offer in the current round. A group of oil companies led by China's CNPC struck a deal to develop the Halfaya field.

There are 10 fields being auctioned over two days under tight security at the Iraqi oil ministry's headquarters. Last summer's auction saw a single deal struck despite eight fields being on offer.

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