Russia’s Lukoil has won the rights to develop one of Iraq’s largest oilfields — the 12.9 billion barrel West Qurna Phase 2 field.
This upcoming mega-field is seen as the ‘crown jewel’ of 15 fields offered during the second post-war licensing round.
It’s just the beginning of what will likely be Iraq’s oil renaissance.
Canadian Press: The deal was a coup for Lukoil, which had been granted the rights to develop the field in 1997 by Saddam Hussein only to see the dictator rescind the $3.7 billion contract five years later.
Lukoil had been trying to revive the deal since 2003 after Moscow wrote off most of Iraq’s $12.9 billion in debts. Iraqi officials, however, eager to make sure that the reopening of the country’s oil sector to the world was as transparent as possible, shrugged off the Russian calls and insisted on putting the field up for bids.