Iraqi oil fields to be tapped by Russian firm

Kuala Lumpur News.Net
Sunday 31st January, 2010

A contract for a large oil operation has been granted by Iraq to to Russian energy company Lukoil and its Norwegian partner, Statoil.

In a deal signed on the weekend, the Russian and Norwegian firms will be allowed to develop the West Qurna Phase 2 oil field in southern Iraq.

The field is believed to be one of the country's largest with known reserves of around 13 billion barrels of oil.

Iraq aims has announced it will dramatically increase oil production to 12 million barrels a day by letting out contracts to foreign companies.

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