21:13 GMT +308 December 2019
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    Russia's LUKoil wins auction to develop Iraqi oil field

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    Russia's largest independent oil producer LUKoil won an auction on Saturday for a contract to develop one of Iraq's largest oil fields.

    Russia's largest independent oil producer LUKoil won an auction on Saturday for a contract to develop one of Iraq's largest oil fields.

    Iraq also awarded contracts to Anglo-Dutch oil major Shell, China's CNPC and Malaysia's Petronas during the two-day sale.

    LUKoil will develop the 12.88 billion-barrel West Qurna-2 field in the Basra province as a consortium with StatoilHydro. The Russian company holds an 85% stake in the consortium, and the Norwegian oil producer has 15%. They aim to bring production to 1.8 million barrels per day.

    France's Total SA, Malaysia's Petronas and Britain's BP also competed in the auction.

    LUKoil was involved in the development of the first phase of West Qurna and signed a contract with the Saddam Hussein regime to develop the second stage, but the deal was frozen in 2002.

    On Friday, the Majnoon field in the country's south, with reserves of 12.6 billion barrels was auctioned to Shell and Petronas.

    CNPC led a consortium with Petronas and Total that won a contract on Friday for the Halfaya field in southern Iraq, with reserves of 4.1 billion barrels.

    MOSCOW, December 12 (RIA Novosti)

     

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