Statoil completes transfer of Iraq's West Qurna 2 field to Lukoil

5/30/2012

Statoil completes transfer of Iraq's West Qurna 2 field to Lukoil

BY KJETIL MALKENES HOYLAND

OSLO -- Norwegian oil giant Statoil ASA said Wednesday it has completed the transfer of its 18.75% share in the Iraqi West Qurna 2 field to the operator, Russian oil producer OAO Lukoil Holdings.

Statoil said the Iraqi authorities had approved the transaction. Statoil and Lukoil 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.

Dow Jones Newswires

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