Anglo-Dutch energy giant Royal Dutch Shell PLC and Mitsubishi Corp. of Japan last month moved closer to pushing a new round of oil and gas infrastructure building in Iraq after signing an initial energy development deal with the oil ministry to process more than 700 cu ft per day of gas now flared at three domestic oilfields.
According to an Associated Press report, the 25-year deal could be worth at least $12 billion, but it still must be ratified by the Iraqi cabinet. The project is crucial to Iraq's intention to increase oil production, particularly for needed domestic use, government officials told AP.