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Iraq Signs ($17 billion) Gas Deal With Shell, Mitsubishi [View All]

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Turborama Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-27-11 11:12 AM
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Iraq Signs ($17 billion) Gas Deal With Shell, Mitsubishi
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Edited on Sun Nov-27-11 11:33 AM by Turborama
Source: AP Via Salon

Iraq on Sunday signed a multibillion-dollar deal with Royal Dutch Shell PLC and Japans Mitsubishi Corp. to tap natural gas in the south, one of the biggest agreements by the OPEC member to develop an energy sector battered by years of neglect and war.

The $17 billion deal forms a joint venture to gather, process and market gas from three oil fields in the oil-rich province of Basra. That gas, pumped in conjunction with crude oil, is currently burned off or flared due to lack of infrastructure.

The 25-year joint venture is called Basra Gas Company. Iraq will hold a 51 percent stake, to Royal Dutch Shells 44 percent and Mitsubishis 5 percent shares. The gas will be used mainly for domestic energy needs, but there is also an option for exports.


Shell CEO Peter Voser told reporters that Iraq is now a substantial part of Royal Dutch Shells portfolio in the Middle East.


"Iraq burns off almost half of the 1.5 billion cubic feet per day of gas that it produces."

I can't even imagine how big 1.5 billion cubic feet is, but reading about that sort of green house gas emission PER DAY just from wastage blows my mind and freaks. me. out!
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