Shell to offload stake in Iraqi field, report says

Shell news
A logo sits on display at a Royal Dutch Shell Plc gas station in south London. Photographer: Simon Dawson/Bloomberg

Shell has struck a deal to divest its stake in an Iraqi oilfield to Japanese firm Itochu, a news report said.

The companies are “working to secure all the necessary approvals from the government of Iraq” for the sale of the 20% stake in West Qurna 1, Reuters cited a Shell spokesperson as saying.

The ExxonMobil operated field currently produces around 405,000 barrels per day.