This month’s successful bidders for deals to develop seven Iraqi oilfields have started signing contracts with Baghdad, despite heightened geopolitical and security concerns.
On Sunday, a consortium of Royal Dutch Shell and the Malaysian state-owned Petronas signed an agreement to develop the Majnoon field in southern Iraq, a “supergiant” with 13 billion barrels of proved reserves, among the world’s biggest oil deposits.
Yesterday, Petronas and Japan Petroleum Exploration signed an initial deal to develop the smaller Gharaf field, which has about 900,000 barrels of reserves, after submitting the winning bid for the work during Iraq’s second postwar auction of oil licences, held this month.
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