Halliburton signs deal with Shell to develop Majnoon oilfield

BASRA / IraqiNews.com: Halliburton signed on Tuesday a deal with Shell Company for one year to develop the Majnoon oilfield, according to a media source from Shell. “Halliburton signed on Monday (Nov. 22) a deal with Shell and its partners to provide services to develop the Majnoon oilfield,” Hanadi al-Salman told IraqiNews.com news agency. “According to the new deal, Halliburton will set up operations centers to dig 15 new wells,” he added. A consortium including Royal Dutch Shell PLC and Malaysia’s Petronas had won a contract to redevelop Iraq’s Majnoon oil field. Majnoon is one of the largest oil fields in the world and although the companies’ fee for raising output is slim, it represents an important foothold in a country that potentially has massive untapped oil resources, said ING analyst Jason Kenney. The Majnoon field, located in southern Iraq, holds some 12.8 billion barrels of oil reserves. The Iraqi state will hold a 25% interest in the licence, Shell will hold a 45% share and Petronas 30%, Shell said in a statement. A consortium of France’s  Total SA and China National Petroleum Corp. had also submitted an offer of $1.75 a barrel. SH (S) 3