Lukoil to boost spending at Iraq oil field to USD2 billion in 2012 |
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(bloomberg) -- OAO Lukoil (LKOH), Russia’s biggest non-
state company by market value, plans to boost investments in the West Qurna-2
oil field in Iraq to about USD2 billion this year.
Lukoil plans to carry
out drilling and begin construction of a pipeline as it prepares the field for
the start of production, the Moscow-based crude producer said in a corporate
newsletter published on the website today.
The company invested more than
USD200 million in the project last year, Grigory Volchek, a Moscow-based
spokesman for the company’s overseas unit, said by phone today.
Iraq
approved the sale of Statoil ASA (STL)’s 18.75 percent in the field to Lukoil,
Oil Minister Abdul Kareem al-Luaibi said March 7. Lukoil and Norway’s
state-controlled Statoil won the rights to develop the second phase of the West
Qurna field in December 2009, agreeing to produce 1.8 million barrels a day from
the field in southern Iraq about 40 miles (65 kilometers) northwest of Basra,
for a fee of USD1.15 a barrel.
Volchek declined to comment on any agreement
with Statoil. |
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mrcplast.com | |
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