Iraq has awarded a contract for one of the world’s biggest oilfields to a partnership of Russia’s Lukoil and Norway’s StatoilHydro, and struck several other deals to boost its crude output by millions of barrels per day (bpd).
The deals, in Iraq’s second post-war auction of oil licences, would bring the country US$200 billion (Dh734.59bn) of revenue, while the companies winning contracts would spend about $100bn to develop the fields, said Dr Hussain al Shahristani, the oil minister.
Lukoil and StatoilHydro agreed yesterday to develop the West Qurna 2 oilfield in southern Iraq for just US$1.15 a barrel, beating three rival consortiums for access to the 12.9 billion barrels of reserve. The Russian company had set its sights firmly on the field after failing to convince Baghdad to revive a Saddam-era development contract.
No comments:
Post a Comment