Cooperation: Lukoil signs deal with local municipalities
Lukoil to decide 'in weeks' on West Qurna 1
28 November 2012 12:29 GMT
WorleyParsons wins West Qurna-2 work
28 November 2012 03:16 GMT
West Qurna 2 sale 'in the works'
27 April 2012 03:08 GMT
Lukoil 'sets date' for West Qurna 2 deal
19 March 2012 09:15 GMT
13 December 2012 18:49 GMT
The company inked agreements with the municipalities of Madeina, Al-Qurna and Izz Al-Din Salim, which sit atop the lucrative oilfield.
The agreements will facilitate the "expansion of economic relations" between the cities and Lukoil. They will co-operate in protecting the environment and in the "rational use of natural resources".
They will also work to improve living standards for local communities, in part by encouraging contractors to employ local workers to help develop the West Qurna 2 project.
Lukoil also agreed to finance construction, improvement and upgrade of several health, sports and educational facilities in 2013.
In 2009, Iraq awarded a team headed by Lukoil rights to develop Block 10 about 70 kilometres north-west of Basra. The field is thought to hold recoverable reserves of about 13 billion barrels.
Australian services outfit WorleyParsons has been awarded a three-year contract to provide personnel to support engineering, procurement and construction activities at West Qurna 2.
Lukoil is hoping to produce 150,000 barrels per day of oil from West Qurna 2 by the end of 2013, rising to 500,000 bpd in 2014.
The Russian giant operates the field with a 75% interest and is partnered by Iraq’s state-owned North Oil Company on 25%.
Earlier this year, Norwegian giant Statoil sold its 18.75% stake in the $25 billion development to Lukoil as it failed to meet the company’s profitability criteria.
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