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LUKOIL to Be Stripped Off a Field in Iraq
Russia’s oil blockbuster, LUKOIL, could be stripped off a field in Iraq, lentar.ru reported. The government of that country has presented to parliament a bill implying revision of crude oil agreements concluded in time of Saddam Hussein.
If passed, the bill advocated by today’s government of Iraq will hit two companies of Russia. One of them is LUKOIL that is developing the West Qurna-2 field, the second is Stroitransgaz that has a geological exploration contract for the fourth block of the West Desert, Vremia Novostei reported.
Under the bill that lobbies the U.S. interests, 51 fields and 65 exploration blocks will be split into four categories. The first one will include 27 fields that are currently developed, while the second category will specify the fields with proven reserves located near the fields of the first category. The remaining fields will form the third category and the forth category will be represented by exploration blocks.
Predictably, the fields of the first two categories, including West Qurna-2, will pass under control of the national oil company of Iraq that is being created now. The bill may take effect already in March, the analysts forecast.
West Qurna-2 has 6 billion barrels of oil in proven reserves and $3.7 billion has been invested in the project already. The field is developed under the PSA by a consortium, where LUKOIL owns 68.50 percent, Zarubezhneft and Mashinoimport hold 3.25 percent and Iraq’s Oil and Gas Ministry holds 25 percent.
www.kommersant.com
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