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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