Clyde & Co and Clifford Chance to advise on development
Russia’s Lukoil has appointed two UK-based law firms, Clifford Chance and Clyde & Co, to provide support in the development of the 12.9-billion-barrel West Qurna-2 oil field in the Basra province of south Iraq.
Clyde & Co was appointed on 10 May. The second UK firm, Clifford Chance, has been awarded a second phase of legal services for the West Qurna-2 project, according to a 15 May press release.
Clifford Chance was originally appointed in June 2010, advising Lukoil on engineering, procurement and construction (EPC) contracts for the early production facilities, drilling contracts and the procurement of ancillary works and services for the development of the field, says the press release.
Lukoil expects to start production in 2013 at 150,000 barrels a day (b/d), rising to 400,000 b/d by 2014 (MEED 24:4:11).
The Russian firm sealed a 20-year technical service contract, in consortium with Norway’s Statoil, to develop the West Qurna-2 field in Iraq’s second oil field licensing round in December 2009, agreeing to boost output to a plateau target of 1.8 million b/d by 2017.
It plans to invest $4.5bn over the next 3-5 years, with total investment in the field projected at $30bn.
As the operator of the field, Lukoil holds a 56.25 per cent stake, while Statoil has 18.75 per cent and state-owned North Oil Company takes the remaining 25 per cent.
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