March 29, 2010 / 6:03 AM / in 9 years

Iraq's Majnoon oilfield to hit 175,000 boed in 2012

YAS ISLAND, March 29 (Reuters) - Iraq’s Majnoon oilfield is is expected to produce 175,000 barrels of oil equivalent per day when commercial production begins in 2012, a senior Royal Dutch Shell (RDSa.L) executive said on Monday.

Iraq’s largest field is currently pumping at 45,000 boe/d, Shell’s Mounir Bouaziz, Vice-President New Business LNG for the Middle East and North Africa, told an industry event.

Shell and Malaysia’s Petronas [PETR.UL] signed a final contract to develop Iraq’s Majnoon oilfield, one of the world’s biggest, earlier this year.

Shell and Petronas won the rights in an auction held in Baghdad in December for the 12.6 billion barrel field in southern Iraq.

The 20-year development contract is one of several deals that Iraq expects to finalize in the coming weeks as it tries to catapult itself to third place from 11th in the league of oil producing nations. (Reporting by Luke Pachymuthu; Editing by Michael Urquhart)

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