Lukoil, Gazprom Neft win licenses for Iraqi oil fields

14.12.2009 (12:46)

Russian oil majors Lukoil and Gazprom Neft have won licenses to develop oil fields in Iraq.

Specifically, a consortium of Lukoil and Norway’s Statoil has won a tender to develop the West Qurna-2 field in Iraq with recoverable reserves of 12.9 billion barrels of oil, Lukoil said on December 12. Lukoil holds 85% in the consortium, while Statoil holds the remaining 15%. Under the tender terms, a 25% stake in the consortium should be transferred to an Iraqi state company. Lukoil’s stake in the consortium will thus decrease to 63.75%, while Statoil’s stake will fall to 11.25%.

A consortium of Gazprom Neft, Turkish Petroleum Corporation (TPAO), South Korea’s Kogas, and Malaysia’s Petronas has won a tender to develop the Badra oil field in central Iraq, ITAR-TASS reported. Oil output at the field is slated to reach 170,000 barrels per day within seven years.

Oil reserves at the Badra field are estimated at 2 billion barrels of oil, according to Kommersant business daily. Gazprom Neft is to hold 30% in the project, Kogas is expected to have 22.5%, Petronas to have 15%, and TPAO to have 7.5%, while a blocking stake will be held by the Iraqi government, the daily said.

www.prime-tass.com 

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