Iraq’s Oil Ministry and Shell have finalized the terms of a settlement covering unpaid invoices following the firm’s 2018 exit from the 240,000 b/d capacity Majnoon field. MEES exclusively learns that the agreement was reached in March this year, and has now been given the green-light by the Iraqi Council of Minister’s Legal Directorate but still awaits the cabinet’s final approval. Shell had filed for arbitration last September (MEES, 17 September 2021).

Shell will receive $210mn to cover costs it incurred developing the field but that were not reimbursed by the ministry in line with its Technical Service Contract (TSCs). (CONTINUED - 249 WORDS)