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Iraq, Lukoil Award $998 Million West Qurna Deal To Samsung
Published January 25, 2012
BASRA, Iraq -(Dow Jones)- Iraq and Russia's OAO Lukoil Holding (LKOH.RS) have awarded a $998 million deal to south Korea's Samsung Group to develop the supergiant West Qurna phase 2 oil field, the Iraqi government said in a statement Wednesday.
Government spokesman Ali al-Dabbagh said Samsung would build a central processing facility for oil production in the field. "Work in the processing facility is expected to finish in 31 months from the start of the work," Dabbagh said following a weekly cabinet meeting.
Lukoil and Norway's Statoil ASA (STO) were awarded a 20-year service contract for West Qurna Phase 2 in Iraq's second licensing round held in December 2009. The companies promised to get the southern field pumping at a rate of 1.8 million barrels a day for payment of $1.15 a barrel with first oil planned for early 2013.
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Published January 25, 2012
BASRA, Iraq -(Dow Jones)- Iraq and Russia's OAO Lukoil Holding (LKOH.RS) have awarded a $998 million deal to south Korea's Samsung Group to develop the supergiant West Qurna phase 2 oil field, the Iraqi government said in a statement Wednesday.
Government spokesman Ali al-Dabbagh said Samsung would build a central processing facility for oil production in the field. "Work in the processing facility is expected to finish in 31 months from the start of the work," Dabbagh said following a weekly cabinet meeting.
Lukoil and Norway's Statoil ASA (STO) were awarded a 20-year service contract for West Qurna Phase 2 in Iraq's second licensing round held in December 2009. The companies promised to get the southern field pumping at a rate of 1.8 million barrels a day for payment of $1.15 a barrel with first oil planned for early 2013.
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