Lukoil-led group wins Iraq oil deal

Published: 8:43PM Saturday December 12, 2009 Source: Reuters

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  Oil refinery - Source: Reuters

Lukoil and its partner Statoil won a deal to develop Iraq's supergiant West Qurna Phase Two oilfield project on Saturday, Iraqi Oil Minister Hussain al-Shahristani said.

The group said it would accept a remuneration fee of $1.15 per barrel and projected a plateau production target of 1.8 million barrels per day. West Qurna Phase Two has estimated reserves of 12.9 billion barrels of oil.

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