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Lukoil to Boost Spending at Iraq Oil Field to $2 Billion in 2012
By Anna Shiryaevskaya - Mar 11, 2012 10:58 AM ET
OAO Lukoil (LKOH), Russia’s biggest non- state company by market value, plans to boost investments in the West Qurna-2 oil field in Iraq to about $2 billion this year.
Lukoil plans to carry out drilling and begin construction of a pipeline as it prepares the field for the start of production, the Moscow-based crude producer said in a corporate newsletter published on the website today.
The company invested more than $200 million in the project last year, Grigory Volchek, a Moscow-based spokesman for the company’s overseas unit, said by phone today.
Iraq approved the sale of Statoil ASA (STL)’s 18.75 percent in the field to Lukoil, Oil Minister Abdul Kareem al-Luaibi said March 7. Lukoil and Norway’s state-controlled Statoil won the rights to develop the second phase of the West Qurna field in December 2009, agreeing to produce 1.8 million barrels a day from the field in southern Iraq about 40 miles (65 kilometers) northwest of Basra, for a fee of $1.15 a barrel.
Volchek declined to comment on any agreement with Statoil.
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By Anna Shiryaevskaya - Mar 11, 2012 10:58 AM ET
OAO Lukoil (LKOH), Russia’s biggest non- state company by market value, plans to boost investments in the West Qurna-2 oil field in Iraq to about $2 billion this year.
Lukoil plans to carry out drilling and begin construction of a pipeline as it prepares the field for the start of production, the Moscow-based crude producer said in a corporate newsletter published on the website today.
The company invested more than $200 million in the project last year, Grigory Volchek, a Moscow-based spokesman for the company’s overseas unit, said by phone today.
Iraq approved the sale of Statoil ASA (STL)’s 18.75 percent in the field to Lukoil, Oil Minister Abdul Kareem al-Luaibi said March 7. Lukoil and Norway’s state-controlled Statoil won the rights to develop the second phase of the West Qurna field in December 2009, agreeing to produce 1.8 million barrels a day from the field in southern Iraq about 40 miles (65 kilometers) northwest of Basra, for a fee of $1.15 a barrel.
Volchek declined to comment on any agreement with Statoil.
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