Lukoil and Statoil Ahold of 12.9 Billion Barrels of Iraqi Oil

Consortium of oil companies Lukoil (Russia) and Statoil (Norway) has mastered one of the largest oilfields in the world with the content of Iraq’s 12.9 billion barrels.

Thus Iraqi Oil Minister Hussein al-Shahristani announced after the signing of contracts with both companies.

Oil field is referred to the West Qurna-2, west of Majnoon oil field, approximately the same size. The day before this Majnoon oil fields fall into the hands of a consortium of Shell and Petronas of Malaysia through the auction contract.

Giant companies of oil a few days ago through an auction managed to buy the rights of exploitation of oil fields of Iraq are relatively easily pumped. Then they sell the oil to the Iraqi government with a fixed price.

Lukoil consortium and Statoil ask 1.15 per barrel price of crude oil to the Iraqi government on the production of 1.8 million barrels per day. Lukoil will receive 85% of the profits, 15% for Statoil.

Ambitious Iraqi government within the next 6 years to boost oil production to a level of 7 million barrels per day from 2.5 million barrels per day currently.

Oil Minister Al-Shahristani said that Iraq’s oil production in the long run could reach 12 million barrels per day.

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