Iraq is considering new terms for the development of its Majnoon oilfield, Iraqi Oil Minister, Jabar El Luaibi, said on Saturday, according to Reuters.
The operator, Royal Dutch Shell, announced last month that it would turn over the operation of the field to the Iraqi government, Reuters reported at the time. The company questioned the ongoing commercial viability of its operations under the terms of its agreement with the Iraqi government.
Other IOCS, including Chevron and Total, have expressed interest in taking over operations, Luabi said, according to Reuters. He added that the Iraqi government will operate the field until a new partnership is established.
Shell held a 45% stake in Majnoon until 2030. Petronas and the Iraqi government held the remaining 55%, Reuters reported. The oilfield produces approximately 235,000 barrels per day (b/d).