Shell will hold a 45% share, with partner Petronas holding 30%. The Iraqi state holds 25% of the participating interests in all licences.
The consortium targets a production plateau of 1.8 million barrels of oil per day, up from a current level of approximately 45,000 barrels of oil per day. The signing follows the contract award on December 11, 2009, and the approval of the Iraqi council of ministers on January 5, 2010. Last month, Shell and its partner beat a rival bid from CNPC and Total to develop the 12.6bn barrel field.
Peter Voser, CEO of Shell, said: “Iraq’s oil and gas reserves are among the largest in the world and we look forward to applying our experience and technology to support ongoing efforts to rebuild the country’s energy infrastructure.”
