Lukoil Returning to Iraq?

For the first time in 37 years Iraq is inviting foreign companies to develop its oil assets. Among them is the West Qurna field, where Russia’s Lukoil is bidding.

West Qurna 1 is one of the biggest oil fields in Iraq. The tender proposes the developer should produce 1 million barrels of oil from West Qurna 1 daily. And will get $1.90 for every barrel it produces on top of that.

That didn’t appeal to the oil companies. Five of them pulled out from the tender, saying that amount was too low. Russia’s Lukoil wants $4 per each additional barrel produced, but has not lost hope yet. (Link)

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