Statoil, Lukoil settle West Qurna 2 deal

03 January 2010

Norwegian Statoil and Russian Lukoil have said that they have initialized their agreement with the Iraqi government for the development of the West Qurna 2 field. Lukoil and Statoil were able to bid a production plateau of 1.8 million barrels per day and a remuneration fee of $1.15 per barrel. The two firms have also agreed to adjust the ownership split, increasing Statoil's share from 15% to 25%. Lukoil's share is reduced to 75%.

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