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Lukoil may wade deeper in Iraq

01 Dec 2012
Lukoil, Russia’s second largest public oil company could make a firm decision to extend in the Iraqi oil sector through participation in the West Qurna field, an executive expressed. Baghdad has considered bringing Lukoil and Gazprom Neft, Gazprom’s oil division, into the West Qurna project in the southern part of Iraq, in favor of Exxon. It was recently reported by one of the media sources in October that Baghdad was frustrated with Exxon’s work in Kurdish north and could send a signal with the substitution. Lukoil Chief Executive Officer Vagit Alexperov said from Moscow the company, which already has a stake in the two-phase project, expects to make extension decision by the end of this year. Vagit also said that they are seriously looking at the major issue now, synergy. What economic synergies the company will get if these two projects work together, he added. Norwegian energy company Statoil transferred its 18.75 percent stake in West Qurna-2 to Lukoil previously this year, while Exxon has a 60 percent stake in West Qurna-1. In this year April Baghdad proclaimed a Kurdish contract with U.S. super major Exxon frozen because of legal issues surrounding oil deals in the country. The central government says unilateral deals with the semiautonomous Kurdish regime to be illegal. Source: [UPI]
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