The $12 billion deal between the Iraqi government and Shell to produce gas from southern Iraqi oil fields has reached an advanced stage, said Iraq’s Deputy Prime Minister for Energy.

“I am happy with the progress of the talks to clinch the deal,” Hussein al-Shahristani told reporters in Baghdad.

Al-Shahristani also said the draft deal with Shell and its partner will be soon submitted to the Iraqi cabinet for final approval.

Al-Shahristani commented that the semi autonomous Kurdistan region in northern Iraq is now exporting between 60,000 and 70,000 barrels of oil a day after a suspension of nearly a year and a half.

(Source: rigzone)