Chevron and Total have expressed interest in taking over Royal Dutch Shell’s operations at the Majnoon oilfield, according to the Iraqi Oil Minister, Jabar El Luaibi, Reuters reports.
In September, Reuters reported that Shell was relinquishing its stake in the field because of concerns about the field’s commercial viability.
No final decision has been reached between the Iraqi government and Shell over the fate of Shell’s stake in Majnoon, Luaibi said, adding that the government sought to “reach a satisfactory deal for both parties,” according to Reuters.
Majoon produces approximately 235,000 barrels of oil per day. Shell holds a 45% stake in the oilfield, Reuters reported in September, with the Petronas and the Iraqi government holding the remaining 55%. Earlier this year, Shell signed a $210 million contract with Halliburton for the drilling of new oil wells at Majnoon.