BAGHDAD: Iraq’s oil ministry said on Thursday it had started to take over operations of Majnoon oilfield from Royal Dutch Shell and planned to lift output in future.
The ministry said it had formed a management team to handle production after Shell exits the field by the end of June.
“The priority of the new management team is to cut the cost of producing a barrel (of crude) from Majnoon by 30 percent,” Oil Minister Jabar Al-Luaibi said in a statement.
Iraq plans to increase output from Majnoon to 400,000 barrels per day (bpd) in the “coming years,” the ministry said, without giving a precise timeline.
Production is now about 235,000 bpd, oil officials say.
A letter signed by the minister, dated August 23 and seen by Reuters, gave approval for the Anglo-Dutch firm to quit Majnoon, a major oilfield near Basra which started production in 2014.
Shell said it would focus its efforts on developing and expanding Basra Gas Company in Iraq after handing over operations of Majnoon to the Iraqi government.
Basra Gas Company is a joint venture between Shell, South Gas Company and Mitsubishi and the Petrochemical Project NEBRAS.
Chevron, Total and PetroChina may form a consortium to develop Iraq’s Majnoon oilfield, the minister said in Vienna in November.
Iraq oil ministry starts taking over Majnoon oilfield operations
Iraq oil ministry starts taking over Majnoon oilfield operations
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
