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Iraq Clears State-Shell Gas Accord

The Wall Street Journal Home Page

Iraq Clears State-Shell Gas Accord

September 8, 2008; Page A8

Iraq’s Cabinet approved an initial gas agreement between the Oil Ministry and Royal Dutch Shell PLC to tap natural gas in southern Iraq.

The agreement calls for establishing a joint venture between the state-run South Oil Co. and Shell to exploit the fields, according to a government statement.

Shell is expected to invest $3 billion to $4 billion over five years to gather at least 500 to 600 million cubic feet of flared gas per day from the southern fields. South Oil is expected to control 51% of the venture.

The agreement provides for construction of several liquefied natural-gas facilities, the statement said.

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