The Russian oil giant was one of two main front runners in the race to take the 60% stake in the West Qurna-1 project from ExxonMobil.
The way would now appear clear for China National Petroleum (CNPC) to take over the majority stake after Lukoil reportedly pulled out on Monday.
Bloomberg cited Andrei Kuzyaev, head of Lukoil Overseas, as saying the Russian was pulling out due to the high level of risk associated with the project, given it is already involved in the West Qurna-1 project.
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