Shell Oil [2] and Malaysia's state-run Petronas [3] 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 [2] and China's CNPC [4] 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 [5], Jan. 17)
See our last posts on Iraq [6] oil struggle [7].
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