Deal comes after Shell exited the Majnoon oilfield
The UK/Netherlands Royal Dutch Shell has agreed to sell its entire stake in Iraq’s West Qurna 1 oilfield to Japan’s Itochu Corporation for $406m.
The deal comes shortly after the company agreed to exit the Majnoon oilfield, one of the largest fields in Iraq, and hand over its operation to state-run Basra Oil Company (BOC) by the end of June.
As part of the deal, Itochu will also assume debt of $144 million.
The West Qurna 1 oilfield is operated by Exxon Mobil and produces around 405,000 barrels a day.
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