Norwegian oil giant Statoil (STO) Wednesday confirmed it is in talks to sell its stake in Iraq's supergiant West Qurna phase-2 oil field in southern Iraq to Russia's OAO Lukoil (LUKOY).
Norwegian oil giant Statoil (STO) Wednesday confirmed it is in talks to
sell its stake in
Iraq
's
supergiant
West Qurna
phase-2 oil field in southern
Iraq
to
Russia
's OAO
Lukoil (LUKOY).
"We can confirm the information that Lukoil and the Iraqi officials have
communicated," Statoil spokesman Bard Glad Pedersen told Dow Jones
Newswires.
At the beginning of February, a senior Iraqi oil ministry official told Dow
Jones that Statoil was intending to sell its stake in the oil field to Lukoil
and that the ministry wouldn't reject a request from Statoil to sell its stake.
Statoil and Lukoil were awarded a 20-year service contract for West Qurna
Phase-2 in
Iraq
's
second licensing round held in December 2009. The companies promised to get the
southern field pumping at a rate of 1.8 million barrels a day for payment of
$1.15 a barrel.
The sale of the stake isn't seen as a big deal, according to a Norway-based
analyst. "In general, I don't think the economics of that project are that
good. It's basically service contracts, where they get $1.15 per barrel to pump
up oil," he said.
He added that Statoil's stake in the oil field might be worth about $400
million, but he emphasized that this is a speculative and unconfirmed figure.
Statoil currently holds an 18.75% stake in West Qurna Phase-2 project, with
Lukoil holding 56.25% and
Iraq
's
state oil company the remaining 25%.
At 1126 GMT, shares in Statoil were up 0.1% at NOK156.40.
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