Shell will finally receive compensation for unpaid invoices following the firm’s 2018 exit from the 240,000 b/d capacity Majnoon field in southern Iraq. Iraq’s Council of Ministers on 24 April approved “the settlement between Basrah Oil Company (BOC) and the consortium of Shell and Petronas.”

While the government’s statement did not disclose the settlement’s amount, MEES understands that Shell and its Malaysian partner will receive $170mn. This would be somewhat lower than the $240mn the firms had sought to cover costs incurred in developing the field but which were not reimbursed by the ministry in line with the latter’s interpretation of the firms’ Technical Service Contract (TSC). (CONTINUED - 358 WORDS)