Shell Oil and Malaysia's state-run Petronas finalized a contract Jan. 17 to develop Iraq's giant Majnoon oil field. In December, Shell and Petronas beat a rival bid from France's Total and China's CNPC to develop the 12.6 billion barrel field in southern Iraq. The field currently produces just 46,000 barrels per day. Shell and Petronas have pledged to increase that output to 1.8 million bpd. (BBC News, Jan. 17)

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