Just a week after a $27bn megadeal signed with TotalEnergies appeared to signal that Iraq’s oil and gas sector fortunes were finally on the up, another IOC has decided to file for arbitration. Bloomberg reports that Shell is claiming “more than $200mn” in compensation for its exit from the 250,000 b/d Majnoon oil field in 2018.
Baghdad is already dealing with another arbitration case at the International Chamber of Commerce (ICC) in Paris, after it blocked US major ExxonMobil’s sale of its 32.7% stake in the 470,000 b/d West Qurna-1 (WQ-1) oil field to Chinese state firms CNPC and CNOOC (MEES, 30 July & MEES, 21 May). (CONTINUED - 200 WORDS)
