Shell: sells stake in Iraqi oil field
(CercleFinance.com) - Royal Dutch Shell said it had reached a deal to sell Shell Iraq, which holds its 19.
6% stake in the West Qurna 1 oil field, to Japan's Itochu for 406 million dollars.
The Japanese trading house will also take on debt of 144 million dollars as part of the deal, Shell said.
The West Qurna 1 project will continue to be operated by ExxonMobil, which has a 32.7% stake in the venture.
Shell said that the deal is part of its 30 billion dollar divestment programme, which is intended to "simplify" its upstream portfolio.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
6% stake in the West Qurna 1 oil field, to Japan's Itochu for 406 million dollars.
The Japanese trading house will also take on debt of 144 million dollars as part of the deal, Shell said.
The West Qurna 1 project will continue to be operated by ExxonMobil, which has a 32.7% stake in the venture.
Shell said that the deal is part of its 30 billion dollar divestment programme, which is intended to "simplify" its upstream portfolio.
Copyright (c) 2018 CercleFinance.com. All rights reserved.