Re W.Qurna-2 Project
LUKOIL OVERSEAS INCREASES ITS SHARE IN WEST QURNA-2 PROJECT IN IRAQ
Following the withdrawal of Statoil from the West Qurna-2 project in Iraq, LUKOIL Overseas (a 100% LUKOIL subsidiary) has considerably increased its share in the project.
As of today, after completing the legal implementation of the withdrawal, the project partners have the following shares: LUKOIL Overseas, 75%, and Iraq’s state-owned North Oil Company, 25%.
LUKOIL Overseas intends to enter into negotiations with the government of Iraq regarding respective amendments to be made to the service contract on the development of and production at the West Qurna-2 field. Nevertheless, the company believes that the project would benefit from attracting a new partner having necessary financial resources and experience in implementing large-scale international hydrocarbon-production projects.