Statoil wins oil contract in Iraq
BAGHDAD (AFP) - A joint bid by Russia's Lukoil and Norway's StatoilHydro was awarded on Saturday a contract to work the West Qurna-2 oilfield in southern Iraq, Oil Minister Hussein al-Shahristani said..
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The pair requested 1.15 dollars for each barrel extracted from the giant field and projected output of 1.8 million barrels per day (bpd).
"We can announce that Lukoil has won the contract to develop the West Qurna-2 oilfield," Shahristani said at the oil ministry conference hall where the auction was being held.
West Qurna-2 is one of the world's biggest undeveloped oil fields, with known reserves of 12.9 billion barrels. It lies west of the equally enormous Majnoon field, which was auctioned on Friday.
Lukoil will take 85 percent and StatoilHydro 15 percent.
The pair beat out competing offers from a consortium led by Malaysian firm Petronas, a joint bid from Britain's BP and China's CNPC and a submission from French energy giant Total.
Last Updated (Saturday, 12 December 2009 16:45)
