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February 1, 2010

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Home » Business » Energy

Lukoil and Statoil seal Iraq deal

A consortium grouping Russia's private oil giant Lukoil and Norway's Statoil ASA yesterday signed a final deal to develop one of Iraq's biggest oil fields, capping an auction process key to the OPEC nation's plans to boost output and generate sorely needed reconstruction revenues.

The deal on West Qurna Phase 2 field in southern Iraq is the last of the 10 fields that Iraq awarded last year during two international licensing rounds as it looked to revamp an oil sector battered by sanctions, postwar violence and political bickering. The signing yesterday also offers some much-needed political capital for Iraqi officials as they head into elections in March.

"These contracts will bring in cash to Iraq, and move ahead plans to develop the infrastructure," said Oil Minister Hussain al-Shahristani.


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