Iraq: Bagdad set to rope in more foreign dollars to develop its oil and gas wealth.
Lukoil ups output target in West Qurna bid
Russia’s Lukoil and US Conocophillips have reportedly submitted a higher production target in a joint bid to develop the first phase of Iraq’s West Qurna oilfield.
"They have raised the production target. The new proposal was submitted (on Saturday) and companies expect to hear back from the oil ministry on Monday or Tuesday," an industry source told Reuters on condition of anonymity.
The consortium led by the two majors have previously pledged a daily 1.5 million barrel output, lower than the 2.1 million barrel per day proposed by a rival consortium led by ExxonMobil.
The competing consortia have accepted a $1.90 remuneration fee - a deep cut from June bids of $6.49 a barrel from Lukoil and ConocoPhillips and $4 a barrel from Exxon.
ExxonMobil is said to be the frontrunner in the West Qurna race.