Statoil (Norway) has quit the Western Kurna-2 project in Iraq, selling 18.75% of shares in the project to Russia’s LUKOIL, ITAR-TASS reports.
LUKOIL CEO Vagit Alekperov said that Russia has all it needs to develop Western Kurna-2 independently. LUKOIL will soon conclude consolidation of 75% of the project. Iraq owns 25% in the project. The field has 12.9 billion barrels of oil reserves.
LUKOIL plans to invest $2 billion in the project this year. Its main goals are the exploitation of 126 meters and drilling 14,000 meters and construction of the Tuba terminal.
