Gulf Oil and Gas accountACCOUNT

LUKOIL Increases its Share in West Qurna-2 Field

Source: www.gulfoilandgas.com 6/1/2012, Location: Middle East

Following the withdrawal of Statoil from West Qurna-2 project in Iraq, LUKOIL Overseas (wholly-owned subsidiary of LUKOIL) has considerably increased its share in the project. As of today, project partners have the following shares: LUKOIL Overseas - 75% and Iraqi state North Oil Company - 25%. LUKOIL Overseas entered into negotiations with the government of Iraq to make respective amendments to the development and production service contract for 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.

West Qurna-2 field with recoverable oil reserves of nearly 14 billion barrels is located 65 km northwest of the city of Basra. The contract for West Qurna-2 field was signed in January 2010 for the term of 20 years with an option to extend it for 5 years. This April, West Qurna-2 entered an active stage of field development which includes development drilling and construction of the key production facility, oil treatment plant. First oil production is expected in the 4th quarter of 2013.

Acquisitions and Divestitures News in Iraq >>

Canada >>  7/2/2020 - Advantage Oil & Gas Ltd. has successfully closed the previously announced sale of a 12.5% interest in the Glacier Gas Plant to Topaz Energy Corp. ("To...
Nigeria >>  7/2/2020 - Sasol and Chevron have signed an agreement that will result in Sasol selling its indirect beneficial interest in the Escravos GTL (EGTL) plant in Nige...

United Kingdom >>  7/2/2020 - Premier is pleased to announce that the Group’s creditors have approved the acquisition of the Andrew Area and Shearwater assets (together, the “BP ac...
United States >>  7/2/2020 - Mosman Oil and Gas Limited has undertaken a placing to raise £400,000 (before expenses) by the issue of 500,000,000 new ordinary shares (the "Placing ...

Cameroon >>  7/1/2020 - Tower Resources plc, the AIM listed oil and gas company with its focus on Africa, announces a further extension of its Loan Facility ("Facility") of ...
Switzerland >>  7/1/2020 - Clariant, a focused, sustainable and innovative specialty chemical company, completed the sale of its entire Masterbatches business to PolyOne. The en...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Iraq Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 |

Oil & Gas Projects in Iraq >>

More News

Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.