Tuesday, November 22, 2011

Iraq natural gas joint venture gets final approval

Tuesday, November 22, 2011

The Iraqi Cabinet approved with Royal Dutch Shell and Mitsubishi Corporation, formation of joint ventures to the raw gas from three large oil fields to collect an agreement.

The joint venture, Mitsubishi Corporation, 51% of Iraqi South gas company, are called held 44% of shell and 5% Basrah gas company (BGC) and come together is raw gas that is currently due to lack of infrastructure, flared to collect it.

Shell offers project management and technical expertise with the intention that learn and step-by-step key positions in the management of the company take over development of our Iraqi employees to facilitate.

"Recording this gas is a reliable energy supply for the Iraq while reducing greenhouse gas emissions," said shell Chief Executive Officer Peter Voser.

"This sends a positive signal about the investment climate in the country."

The joint venture collect and process raw gas from the fields of Rumaila, Zubair and West world's largest 1 and Majnoon, in the southern part of the country. The primary market for the gas is Iraq, but any surplus can potentially be exported.

Some 700 million standard cubic feet of gas is currently burned every day in the South of Iraq. At current prices is the gas valued at approximately $1.8 billion per year.

Burning created it, how much per year than 3.5 million cars greenhouse gases.

In September 2008, shell signed a preliminary agreement with the Iraqi Ministry of oil for a gas project collect. The agreement established the commercial principles: a joint venture between shell and the South gas company. An official signing of the agreement is scheduled in the near future.

In the Iraq shell, the operator of the Consortium is providing technical assistance in the development of the Majnoon field.

View the original article here

0 коммент.:

Post a Comment