LUKoil in New Partner Talks for Qurna-2 Project

Russia’s largest privately-held oil company, LUKoil, is holding talks with several bidders for participation in Iraq’s West Qurna-2 project, LUKoil Vice-President Leonid Fedun said on Monday.

“We are holding talks with several potential bidders, including Asian firms. I believe we may get positive news by the end of this year,” Fedun said at a company presentation for investors in Hong Kong.

In 2009, a consortium comprising LUKoil and Norway’s Statoil won a tender to develop West Qurna-2, one of the world’s largest oilfields with recoverable reserves estimated at 12.9 billion barrels of oil. LUKoil plans to launch production at the field in early 2014.

In early March, it was reported that Statoil had sold its 18.75 percent stake in West Qurna-2 to LUKoil. The Norwegian energy giant has already agreed the transfer of its stake with Iraq’s state-owned North Oil Company, which holds 25 percent in the project, and LUKoil, which until now has held 56.25 percent.

The Russian oil company intends to complete the repurchase of Statoil’s stake in the project in May.


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