{"id":198558,"date":"2010-01-19T10:14:00","date_gmt":"2010-01-19T15:14:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/shell-and-petronas-will-pump-40-times-more-oil-per-day-out-of-giant-iraq-field-2010-1"},"modified":"2010-01-19T10:14:00","modified_gmt":"2010-01-19T15:14:00","slug":"shell-petronas-ink-mammoth-deal-for-1-8-million-barrel-per-day-iraqi-oil-field","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/198558","title":{"rendered":"Shell, Petronas Ink Mammoth Deal For 1.8 Million Barrel-Per-Day Iraqi Oil Field"},"content":{"rendered":"

\"AP<\/p>\n

Oil giant Shell and Malaysia’s Petronas oil company finalized a deal on Sunday to develop Iraq’s Majnoon oil field, the BBC reports<\/a>.<\/p>\n

Currently, the field produces just 46,000 barrels per day, but Shell and Petronas are pledging to increase that output to 1.8 millions barrels per day.<\/p>\n

The terms of the deal give Royal Dutch Shell a 60% share, with Petronas owning the remaining 40%.<\/p>\n

The joint-venture, which includes a 20-year service contract, will give the firms a fee of $1.39 per barrel of oil.<\/p>\n

Iraq’s<\/a> total daily output<\/a> is roughly 2.4 million barrels, but it aims to triple that figure<\/a> over the next few years.<\/p>\n

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