Shell's involvement in Iraq's upstream sector could be nearing an end after the firm decided to relinquish its 45pc operating stake in the 13bn bl Majnoon oil field. The decision, which was endorsed by Iraq's oil ministry, exposes the shortcomings of Baghdad's stuttering attempt to renegotiate the technical service contracts for its largest oil fields in the south of the country. And it could present an opportunity for neighbour and rival Opec producer Iran, which has devised a new upstream contract model to entice foreign investment.
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