Iraq's oil ministry signs contract over Qarna oilfield

31 January 2010

Russia and Norway to develop 13bn barrel field

Iraq’s oil minister wraps up a series of oil contracts on 30 January with the signing of the West al Qarna-2 oilfield with Russia’s Lukoil and Norway’s Statoil, according to Iraqi daily Aswat al-Iraq.

“The two companies pledged to up production to a peak of 1.8m barrels per day at a rate of $1.15 per barrel of additional produced barrel,” says Assem Jihad, an oil ministry spokesman.

The west Qarna-2 field in the south of the country contains some 13bn barrels in reserves.

A final contract to develop the first stage of the west Qarna field was signed with US oil major ExxonMobil and Anglo-Dutch major Shell.

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