Iraqi engineers observe a gas carrier as it prepares to set sail at the southern port of Umm Qasr near Basra, Iraq, Sunday, March 20, 2016. (AP Photo/Nabil al-Jurani)
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In November 2011, Iraq signed a $17 billion deal to form a joint venture to gather, process and market gas from three oil fields in the oil-rich province of Basra. The fields are the 17.8 billion-barrel Rumaila, the 4.1 billion barrel Zubair field and the 8.6 billion barrel West Qurna Stage 1 .In the 25-year joint venture, called the Basra Gas Company, Iraq holds a 51 percent stake and Royal Dutch Shell has 44 percent, with the remaining 5 percent for Mitsubishi.Iraq holds the world's fourth-largest oil reserves, some 143.1 billion barrels, and oil revenues make up nearly 95 percent of its budget.
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