Shell has handed over the operations of the Majnoon oilfield in Iraq to Iraqi state-run Basra Oil Company, exiting the field as it said last year it would do, Reuters reported on Wednesday, citing two Iraqi oil officials close to the deal. Last year, Shell said that it would sell its interest in the Majnoon oilfield after the oil major and Iraq failed to agree on future production plans and investment budgets. After months of negotiations, Shell agreed at the end of 2017 to exit the venture and hand over its operation to Basra Oil Company (BOC) by the end of June 2018. Shell was the operator and holder of 45 percent at Majnoon, with Malaysia’s Petronas owning 30 percent, and Iraq’s Missan Oil Company holding the remaining 25 percent. At the end of December, Iraq said that it had formed a management team to take over operations from […]