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Russias Lukoil set to award further West Qurna 2 contracts

October 25/2011

(Arabian oil and gas) -- Lukoil, Russias largest private sector company, is on the cusp of awarding several contracts to engineering and services firms as part of its multi-billion dollar development of the supergiant West Qurna 2 oil concession.

Dow Jones Newswires, citing a senior Lukoil executive, reports that the company is in the final stages of evaluating commercial and technical bids for contracts competing to build the central processing facility, export pipelines, tank farms, and a 126-megawatt power station.

Lukoil, which operates the field for partners Statoil and Iraqs South Oil Company, is locked into a 20-year technical services contract to develop the field at fee-per-barrel remuneration of $1.15 before tax once a production capacity threshold is reached.

According to other sources, five companies had been shortlisted: Saipem , SNC Lavalin, Punj Lloy , Globalstroy and South Koreas Samsung Engineering. Two other bidders, Petrofac and Technimont, are reported to have been dropped, according to a Reuters report.

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