Royal Dutch Shell plans to sell its stake in Iraq’s West Qurna 1 oilfield, Reuters reports.
Shell owns a 20% stake in the field. The sale will be conducted by Lazard, a financial advisory and management firm, sources told Reuters.
The company is also relinquishing its 45% stake in Iraq’s Majnoon field, according to Reuters.
Last year, Shell produced 20 million barrels of oil in Iraq. It found operating condition in Iraq unfavorable, however, and struggled to keep up its margins, sources told Reuters.
The West Qurna 1 and Majnoon fields are located in the greater Basra region in southern Iraq.
The region has recently experienced growing unrest as tribal leaders jockey for land and governmental contracts, Reuters reports.
Shell plans to retain its gas operations in Iraq. It has a 44% stake in the Basra Gas Company, according to Reuters.