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 state-owned Basra Oil Company.
Crude oil output from Majnoon is now about 235,000 bpd and Iraq plans to boost output to 450,000 bpd 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 is producing about 4.4mn bpd, below its capacity, in line with global supply cuts led by Opec aimed at supporting prices and reducing oversupply.
Sources and photo-credits: Reuters, Gulf Times