LUKOIL has chances to expand its presence in Iraq's Western Kurna Province, RBC Daily reports.
The company may become a partner of Shell (UK) in the Western Kurna-1 project, purchasing a share of ExxonMobil (US). LUKOIL could have a share of 37.5%. It currently has a share of 56.25% in developing Western Kurna-2. Shell only has 15%. 25% will stay with Iraq's Northern Oil Company.
Western Kurna has about 8.7 billion barrels of oil and has been put up for sale twice. An auction in June 2009 failed, with low prices from $1.9 per barrel to $2.3 per barrel. LUKOIL wanted a part in ConocoPhillips (US), requesting $6.49 per barrel. Western Kurna-1 was handed to the consortium of ExxonMobil and Shell.
LUKOIL is developing the Western Kurna-2 in Iraq with reserves of 12.9 billion barrels. The Russian company has a share of 56.25%, Statoil (Norway) - 18.75%. The contract has 20-year terms and can be prolonged by 5 years. $5 billion will be invested in 2011-2013. LUKOIL head Vagit Alekperov says that Western Kurna-1 and Western Kurna-2 are being prepared for having a single operator.
