Shell and Malaysian firm Petronas have won a joint contract to exploit Iraq's giant Majnoon oil field during a two-day auction that seeks to dramatically boost the occupied country's crude output.
The contract, potentially worth $12 billion (£7.4bn), was awarded to the Anglo-Dutch and Malaysian consortium at the start of the bid round. The project will be split 60 per cent for Shell and 40 per cent for Petronas.
Majnoon, a giant oilfield in southern Iraq near the border with Iran, currently produces 45,900 barrels of oil per day and has proven reserves of 12.58 billion barrels.
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