Iraq has signed an agreement with Russian energy giant Lukoil and Norway's StatoilHydro to develop the country's massive West Qurna-2 oilfield, AFP has reported. The oilfield is expected to dramatically increase the country's crude production to 12 million barrels per day (bpd) by 2017. Under the consortium, Lukoil has a 56.25% share, StatoilHydro 18.75%, and Iraq's North Oil Co 25%, according to Iraqi officials.
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