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(Arabian oil and gas) --
Lukoil is seeking quick approvals of its tender offers as the Russian supermajor
looks to get drilling at the West Qurna II bloc before the year is out. "We hope
that by October, the Iraqi ministry will approve all our tender offers", the
London-listed company's chief executive Vagit Alekperov, Lukoil's CEO, told Dow
Jones on Friday that he hopes to see contracts approved "by October," according
to a Dow Jones report.
The phase II bloc is estimated to hold almost 13 billion barrels of
reserves, which Lukoil - in conjunction with Norway's Statoil - hopes to raise
at a rate of 1.8 million barrels per day over the life of their 20-year service
contract.
Lukoil owns a 56.25% interest in the field, while Iraqi state-owned North
Oil Company owns a 25% stake and Norway's Statoil holds the remaining
18.75%.
mrcplast.com
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