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May 6, 2010

Iraq Shell Gas Deal Awaits Approval

Iraq's oil ministry has sent the final draft of a gas deal with Royal Dutch Shell to the cabinet for approval, Iraq's oil minister has announced. The deal is for a multi-billion-dollar joint venture between Iraq's South Gas Company, Shell and Japan's Mitsubishi in the southern Basra oil

By cms admin

Iraq’s oil ministry has sent the final draft of a gas deal with Royal Dutch Shell to the cabinet for approval, Iraq’s oil minister has announced.

The deal is for a multi-billion-dollar joint venture between Iraq’s South Gas Company, Shell and Japan’s Mitsubishi in the southern Basra oil hub to capture and use gas burned at the wellhead.

The deal could be signed by the current administration, Oil Minister Hussain al-Shahristani said, according to Reuters.

The deal with Shell is to develop gas from the fields of Rumaila, Zubair and West Qurna phase I, Shahristani said.

The oil minister added that Iraq will invite all 45 international companies, who were prequalified in the two oil auctions last year, to bid to develop three gas fields later this year.

The oil ministry is expected to offer data packages to interested companies on 1 June. The auction will take place on 1 September, Shahristani said.

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