facebook
twitter
rss
account
search
search
 

Lukoil gets nod for work in Iraq

Oct. 10, 2012 at 7:33 AM   |   Comments

MOSCOW, Oct. 10 (UPI) -- Iraqi officials approved an exploration contract in southern Iraq for a partnership between Russia's Lukoil and Japan's Inpex Corp., the Russian company said.

Lukoil said the contract could be worth as much as $100 million, reports Russia's state-run news agency RIA Novosti. The company said the contract should be signed next month.

Norwegian energy company Statoil worked with Lukoil in 2009 after winning a competitive bid for the West Qurna-2 oil field in southern Iraq. Project partners had expected a production level of 1.8 million barrels of oil per day by 2017.

Statoil transferred its 18.75 percent stake to Lukoil early this year.

Iraq has the fourth-largest oil reserves in the world. A report from the International Energy Agency this week said Iraqi oil production could more than double by 2020 and it could eventually pass Russia as a major oil exporter.

The IEA warned, however, that "success is not assured." Development is complicated by legal rows between the Kurdish government and the central government in Baghdad.

The Lukoil announcement came as Iraqi Prime Minister Nouri al-Maliki met in Moscow with Russian leaders.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Navy tests MQ-8C unmanned helos Navy tests MQ-8C unmanned helos
2
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
3
Harris selected for geospatial data products Harris selected for geospatial data products
4
Sweden plans to replace its Defense and Security Export Agency Sweden plans to replace its Defense and Security Export Agency
5
Throwback Thursday: Facebook launches old-school 'Rooms' app Throwback Thursday: Facebook launches old-school 'Rooms' app
Trending News
Around the Web
x
Feedback