Russian firm inks deal on Iraq oil field

01 February 2010

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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