Petronas confirms Exit from Majnoon Oilfield

Malaysia’s Petronas has reportedly confirmed that it will exit from Iraq’s Majnoon oil field along with joint stakeholder Shell.

A spokeswoman for Petronas told a local newspaper: “Petronas confirms its exit from the Majnoon oilfield, Iraq, together with Shell. We will be working with Shell on the handover of the field to the Basra Oil Company (BOC).

“An announcement will be made once details of the handover is finalised.“

Petronas holds a 30-percent stake in the field, with Shell having 45 percent.

On the 21^st December, Iraq’s Ministry of Oil approved a set of measures relating to the development of the super giant field once Shell relinquishes it back to Iraq; IBN Expert Blogger Ahmed Mousa Jiyad described the decision as “an important move in the right direction“.

Petronas retains interests in the Badra, Garraf, Halfaya oilfields.