Iraq signs oil field deal

Iraq today signed a deal with a consortium led by Royal Dutch Shell and Malaysia’s state-run Petronas to develop one of its most prized oil fields.

Iraqi officials initialled the deal during a signing ceremony at Iraq’s Oil Ministry in Baghdad. The contract still must be approved by Iraq’s Cabinet.

The two companies won the right earlier this month to develop the 12.5 billion barrel southern Majnoon field.

Shell-Petronas plan to raise production at Majnoon from the current 45,900 barrels per day to 1.8 million barrels per day over 10 years.