Shell Wins Iraqi Oil Services Contracts

In the context of Iraq's oil sector, Shell's acquisition of oil services contracts marked a pivotal development in the country's efforts to revitalize its oil production capabilities. The contracts were awarded during a competitive tender process, where a consortium led by Shell, holding a 45% stake, partnered with Petronas, which held 30%. This consortium was granted the production contract for the Majnoon field, a significant oil reserve in southern Iraq, estimated to contain around 12.6 billion barrels of oil. The Majnoon field is one of the largest oil fields in Iraq and has the potential to significantly boost the country's oil output, which is crucial for its economy. Additionally, Shell's involvement in the West Qurna 1 field, where it held a 15% stake in a consortium led by ExxonMobil, further solidified its position in the Iraqi oil market. The West Qurna 1 field is also a major oil reserve, and the collaboration among these companies aimed to enhance production efficiency and increase overall output from these vital resources.