Technical teams from Lukoil OAO (LKOH.RS) and its Iraqi state partner, South Oil Co., met in Basra Sunday to start the approval process for a preliminary development plan and initial budget for the supergiant West Qurna Phase 2 oil field in southern Iraq, a senior Iraqi oil official said Tuesday.
Technical teams from Lukoil OAO (LKOH.RS) and its Iraqi state partner,
South Oil Co., met in
Basra
Sunday to start the approval process for a preliminary development plan and
initial budget for the supergiant West Qurna Phase 2 oil field in southern
Iraq
, a
senior Iraqi oil official said Tuesday.
Abdul Mahdy al-Ameedi said that the joint management committee comprising
specialists from Lukoil and
Iraq
's
state-run South Oil Co. discussed a plan to develop the untapped field with
estimated proven oil reserves of nearly 13 billion barrels.
Lukoil, in partnership with
Norway
's
Statoil ASA (STO), signed a 20-year deal for the field with
Iraq
in
January.
The two companies pledged to lift crude oil production to 1.8 million barrels a
day for a fee of $1.15 a barrel. Lukoil holds the largest stake in the
consortium at 56.25% while Statoil holds 18.75% and the remaining 25% possessed
by the Iraqi national company.
Lukoil Chief Executive Vagit Alekperov said this month that the company plans
to drill the first exploration well in the field this year.
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