US-based Chevron and France’s Total would be interested in developing the Majnoon oil field if Shell quits the field, according to Iraqi oil minister Jabar Al-Luaibi.

Speaking on 9 October, Al-Luaibi said that negotiations hadn’t started with Chevron or Total as there was no final decision on whether Shell would exit Majnoon.

Luaibi said that negotiations were ongoing and he hoped to “reach a satisfactory deal for both parties,” according to international media reports.

Majnoon is a super-giant oil field located near Basra with an estimated 38 billion barrels of oil reserves.

Shell holds a 45 per cent interest in Majnoon, and currently operates under a technical service contract that expires in 2030.

Petronas, Malaysia’s national oil company, holds a 30 per cent stake in the field, while the Iraqi government holds the remaining 25 per cent.

Production from Majnoon is currently around 235,000 barrels a day.