• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 2 hours Its going to be an oil bloodbath
  • 3 mins Which producers will shut in first?
  • 10 hours Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 4 hours Why should ANY oil company executive get ANY bonus now?
  • 6 hours How to Create a Pandemic
  • 2 hours The Most Annoying Person You Have Encountered During Lockdown
  • 1 hour KSA taking Missiles from ?
  • 3 hours Dr. Fauci is over rated.
  • 3 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 3 hours CDC covid19 coverup?
  • 13 hours Saudi Arabia Can't Endure $30 Oil For Long
  • 2 mins Saudi Aramco struggling to raise money for this year's dividend of $75 billion. Now trying to sell their pipelines for $10 billion.
Alt Text

How Low Could U.S. Oil Production Actually Go?

Tanking oil prices and no…

Alt Text

Standard Chartered Sees Record Oil Demand Loss This Year

Lockdowns and travel restrictions will…

Alt Text

Saudi Arabia’s Oil Price War Is Backfiring

Saudi Arabia’s controversial oil price…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Shell Considering Dumping Its Iraqi Oil Fields

Royal Dutch Shell is considering exiting its positions in Iraqi oil fields, according to industry sources cited by Reuters.

Shell, which declined to comment, is the world’s top liquefied natural gas producer, and is only exiting its oil field assets in Iraq, not its gas field assets. Iraq accounted for 4.4 percent of Shell’s total oil and gas production in 2015.

The fields in question are the Majnoon field, in which Shell holds a 45 percent interest, and the West Qurna field. Majnoon produces an average of 200,000 barrels per day, according to Shell’s website.

Industry sources say that Shell has reaped limited financial benefits after being in Iraq for more than a century, because it has limited control over the production strategy, but it’s likely that Shell is focused on exiting its Iraq position as part of a larger divestment strategy on a global scale.

Just a week ago, Shell announced that it was considering a partial divestment of its $3 billion Norway business---a belt tightening measure aimed at reducing its debt load after its massive $54 billion BG Group acquisition. Shareholders are apparently pressing the oil major to speed up its colossal $30 billion divestment plan, which was supposed to wrap up by 2018, with $6-$8 billion expected to be cut in 2016.

Other North Sea assets were also on Shell’s chopping block recently, with Shell taking bids last month for its Buzzard field, valued at $2.2 billion—an asset it acquired during its purchase of BG Group.

Between January 2015 and May 2016, Shell has laid off over 12,000 employees, in part due to its merger with BG group, and in part due to the lower oil price environment. At the end of 2015, Shell employed 90,000 people worldwide.

By Julianne Geiger for Oilprice.com 

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News