Iraq, Shell ink deal on supergiant Majnoon field

[JonLP24]

Source: Reuters

* Shell-led group to invest tens of billions of dollars

* Oilfield has 12.6 bln barrels of reserves

By Muhanad Mohammed

BAGHDAD, Dec 20 (Reuters) - A group led by Royal Dutch Shell (RDSa.L), Europe's largest oil company, signed a deal to develop Iraq's Majnoon supergiant oilfield, pledging to spend tens of billions of dollars on the project over the next two decades.

Shell, along with Malaysia's state-run Petronas , won the rights to Majnoon, a major prize near Iraq's southern oil hub of Basra, in an energy auction earlier this month.

Mounir Bouaziz, a vice president of Shell Gas and Power, and Abdul-Mahdy al-Ameedi, deputy director of the Iraqi Oil Ministry's licensing office, signed the initial agreement in downtown Baghdad on Sunday.

It must now be sent to the cabinet for approval.

Read more: http://news.google.com/url?q=http://www.reuters.com/article/idUSLDE5BJ04J20091220%3Ftype%3DmarketsN&ei=NhsuS8W6OIzmlQS26s2nCg&sa=X&oi=unauthorizedredirect&ct=targetlink&ust=1261314622925806&usg=AFQjCNHuSocPkp1qRf-RJa_r1aFmVkGCnw

[icnorth]

1. Big Dick won't be needing

the little blue pill to get the blood pumping now.

[pattmarty]

2. It's been a while, can somebody remind me of why we went to Iraq?

:sarcasm:

[pampango]

4. The Dutch wanted us to. They're laughing all the way to the bank.

:)

[FarCenter]

5. Shell is probably as much British as Dutch

They are RDS-B on the New York Stock Exchange. Pretty multi-national.

Tony Blair gets his reward for sticking with the "special relationship".

[ima_sinnic]

3. ahh, carving up the spoils

so all that torture, murder, bloodshed, misery, and suffering was really, really worth it ... :cry:

[Ticonderoga]

6. Well there ya go, "Mission Accomplished."

It's what it was always about.

[classysassy]

7. The greed

that causes the wars and the hate that ensues,the average citizen believe the lies our leaders tell us their reasons for invading other countries to steal their resources,when will the planet wake up and say enough is enough.Will millions more innocent people have to die in order to quench their thirst for oil?.

[jaksavage]

9. Yes. nt

[New Dawn]

8. "Mission Accomplished: Iraqi Oil Stolen."