Halliburton Co. has been awarded a letter of intent to develop the Majnoon field in Southern Iraq for Shell Iraq Petroleum Development BV.
Financial terms of the agreement were not disclosed.
Under the terms of the letter, the Houston-based oilfield services company will serve as project manager for the development, and work with Nabors Drilling and Iraq Drilling Co.
Shell holds a 45 percent stake in the field, while Petroliam Nasional Berhad (Petronas) holds 30 percent and the Iraqi state holds 25 percent of the participating interests in all licenses.
At full capacity, the field is expected to produce 1.8 million barrels of oil per day, according to Halliburton (NYSE: HAL).
The deal awaits final approval by Iraqi authorities.
Read more: Halliburton tapped to develop Majnoon field in Iraq - Houston Business Journal
