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 Qurna

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updated Sun. May 12, 2024

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Anglo-Dutch supermajor Shell has completed the sale of its 20% stake in Iraq's West Qurna 1 oilfield to a subsidiary of Japan's Itochu. The deal, confirmed by Shell last week, was valued at $406 million. The transaction will have an effective date of 31 December 2015 and will see Itochu assume $144 ...

Shell EP Middle East Holdings B.V. has completed the sale of the entire share capital of Shell Iraq B.V (SIBV), which held its 19.6% stake in the West Qurna 1 oil field, for $406 million, to a subsidiary of ITOCHU Corporation. The purchaser has also assumed debt of $144 million as part of the transaction.
Per the latest divestment deal, the Anglo-Dutch supermajor will vend 19.6% interest in the West Qurna 1 oil field to Japan's Itochu Corporation. According to the agreement, Itochu will assume a debt of $144 million. The deal has already received necessary regulatory approvals and is scheduled for ...
Shell EP Middle East Holdings has signed an agreement to sell Shell Iraq's (SIBV) entire stake in the West Qurna 1 oil field for $406m to a subsidiary of Japanese firm Itochu. The divestment comprises a 19.6% interest in the field and will be made through the sale of the entire share capital of SIBV.
Itochu has stepped into Iraq's upstream business by winning approval to buy out Shell's stake in the giant West Qurna 1 oil field, a deal that could not only boost flows of Basrah crude oil to Japan, but could also help the Japanese company to push sales of the grades to other markets in the Asia Pacific ...
The company said the stake sale has received the necessary regulator consent and is expected to be completed in a few days. Other partners in Iraq's West Qurna 1 oilfield include ExxonMobil with 32.7 per cent, PetroChina with 32.7 per cent, Pertamina with 10 per cent and Oil Exploration Company with 5 ...
Shell has been involved in the West Qurna 1 Oil Field since 2009, and after the sale the venture will continue to be operated by ExxonMobil (ticker: XOM). The oilfield produces approximately 405,000 barrels of oil per day, with expected recoverable reserves of over 20 billion barrels of oil. By exiting West ...
March 23 (Reuters) - Oil major Royal Dutch Shell on Friday agreed to sell its entire stake in Iraq's West Qurna 1 oilfield to Japan's Itochu Corp for $406 million. The deal comes shortly after the Anglo-Dutch company agreed to exit the Majnoon oilfield, one of the largest fields in OPEC member Iraq, and hand ...


 

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