Shell last week quit Iraq’s Majnoon field, a week after Lukoil revised down its output target. Without meaningful contractual amendments more firms could quit.

The Iraq Oil Ministry’s technical service contracts (TSC) claimed a fresh casualty last week as Shell relinquished its 45% operating stake in the 220,000 b/d Majnoon field. Shell called the mutually-agreed exit amicable and says it remains committed to the Basra Gas Company. But the move highlights the imperative for...