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Lukoil and Statoil win bid on West Qurna 2 field in Iraq

Oilfield Technology,


Approximately 40 companies were pre-qualified for participation in Iraq’s second licensing round on 11 - 12 December in Baghdad. On the licensing round’s second day Lukoil and Statoil secured the winning bid on the gigantic West Qurna 2 field. Ten oilfields were included in this licensing round.

The bid
Based on thorough analysis and an optimised development plan for the field, Lukoil and Statoil were able to bid a production plateau of 1.8 million bpd and a remuneration fee of US$ 1.15/bbl.

Security
The security situation in Iraq is still demanding. There has been improvement over the last couple of years, but an increased number of incidents in the run up to the Iraqi election in March 2010 should be expected. The security situation has been evaluated thoroughly and adequate security measures to be able to handle the situation are prepared.

Shares
The companies are bidding on West Qurna 2 with shares of 85% and 15% respectively. The consortium will be joined by an Iraqi state partner with 25% interest, bringing Lukoil and Statoil shares to 63.75% and 11.25% respectively.

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/27122009/lukoil_and_statoil_win_bid_on_west_qurna_2_field_in_iraq/

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