Shell, Petronas Ink Mammoth Deal For 1.8 Million Barrel-Per-Day Iraqi Oil Field

Oil giant Shell and Malaysia's Petronas oil company finalized a deal on Sunday to develop Iraq's Majnoon oil field, the BBC reports.

Currently, the field produces just 46,000 barrels per day, but Shell and Petronas are pledging to increase that output to 1.8 millions barrels per day.

The terms of the deal give Royal Dutch Shell a 60% share, with Petronas owning the remaining 40%.