Wednesday, September 19, 2007


Total and Chevron submit development plans for Majnoon

(Dow Jones) - Oil giants Total SA (TOT) and Chevron Corp. (CVX) have jointly submitted to the Iraqi Oil Ministry a study on the development of one of Iraq's biggest oil fields, Majnoon, in the south of the country, a ministry statement said Tuesday. "Total and Chevron jointly prepared studies about Majnoon oil field and were submitted to the ministry on the form of a memorandum of understanding," said the statement, a copy of which was obtained by Dow Jones Newswires.
"The ministry has set up a committee headed by Director General of the South Oil Company, Abdul Jabbar Lauby, to study the possibility of signing a memorandum of understanding with the two companies," the statement said. However, if a memorandum of understanding is signed with these two companies that doesn't imply they have been promised the right to develop the field, the statement noted.

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