Anton, Petrofac sign agreement with Iraq to operate in Majnoon oilfield: Executives

Both Anton Oilfield Services and Petrofac on Thursday signed a two-year contract with the Iraqi Oil Ministry to operate in the country’s giant Majnoon oilfields, executives from both companies said.

ERBIL, Kurdistan Region (Kurdistan 24) – Both Anton Oilfield Services and Petrofac on Thursday signed a two-year contract with the Iraqi Oil Ministry to operate in the country’s giant Majnoon oilfields, executives from both companies said.

The two companies will operate in the field on behalf of Iraqi state-owned Basra oil Company, which is taking over operations there from Royal Dutch Shell, Reuters reported.

Shell, which started production in the Majnoon oilfield in 2014, recently announced its intention to leave the oil field by the end of June.

The Integrated Field Management Support contract with Anton and Petrofac can be renewed after two years, the executives stated.

Basra Oil in February revealed its plan to boost oil output at Majnoon, from 240,000 to 450,000 barrels per day (bpd), by adding new production platforms.

Iraq is the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), after Saudi Arabia, with an output of 4.4 million bpd.

Iraq is currently producing below five million bpd under a deal between OPEC members and other oil exporters, including Russia, which limits oil supplies and allows prices to increase globally.

Baghdad, however, recently announced plans to raise the output of Iraq’s oil to 6.5 million bpd by 2022.

Editing by Nadia Riva