The Iraqi Oil Ministry said the oil company (Shell) sold its shares in the field (West Qurna 1) to a Japanese company.
Japan’s Itoko Corporation will manage Shell’s 20 percent stake in the field.
The West Qurna 1 field, operated by Exxon Mobil, produces 405,000 bpd.
Sources quoted the Director General of the South Oil Company, Ihsan Abdul-Jabbar say that this agreement came after an agreement on the exit (Shell) from the field of Majnoon oil and handed over to the Iraqi government to manage the end of June 2018.
“Iraq has agreed with KBR Engineering to manage and develop the field,” he said.
“Iraq wants to reduce field administration spending by 30 percent this year,” he said.
Iraq is in talks with another company to take part in managing the field, but Abdul Jabbar did not disclose the company’s second name.
Shell says it is still committed to producing gas in Iraq, focusing on the development and expansion of the Basrah Gas Company, which produces gas from Rumaila fields, West Qurna 1, and Zubair oil fields.
Shell holds 44 percent of the company.