Iraq takes on Shell for $17 billion joint oil venture

[sabra]

Source: malaysia sun

Iraq has signed a $17 billion joint venture project with Royal Dutch Shell.

The project, designed to tap natural gas in four southern oil fields, is being led by the Iraqi government, which is determined to develop an oil sector held back by years of war.

The deal will give the Iraqi government a 51 percent stake in the new Basra Gas Company while Shell will hold a 44 percent share.

Japan's Mitsubishi Corp. will hold the remaining five percent stake.

It is the first major step in Iraq's effort to capture the natural gas that has routinely been burned off in oil fields, thus providing raw material for generating electricity.

Read more: http://story.malaysiasun.com/index.php/ct/9/cid/3a8a80d6f705f8cc/id/653513/cs/1/

[jaksavage]

1. Routinely

burned off. Gas flares.
My what a nice way to get rid of that rsource.
The waste we have recklessly disposed of could have powered our future for eons.

[PacerLJ35]

3. The Iraqis had been burning off the NG...

This contract is an attempt to bring in a western company to try and capture the NG and avoid wasting it.

[jaksavage]

4. All companies

all countries have been flaring NG for generations.
Wasting a precious resource because it is inconvenient to capture and transport it.

[Enrique]

2. Iraq has oil?

who knew? :shrug: