May 27, 2012
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Iraq sign deal with Lukoil-led group
1 February 2010 / AP , BAGHDAD
Russia’s private oil giant Lukoil and partner Statoil ASA of Norway have signed a final deal with Iraq to develop one of its biggest oil fields.
Under the 20-year deal, the Lukoil-led group will develop the southern West Qurna Phase 2 field and will be paid $1.15 per barrel produced. The field has known reserves of 12.88 billion barrels -- the biggest among 15 fields offered during Iraq’s second postwar bidding round held last month.
The deal was signed Sunday. It has an option to be extended for an additional five years.
Lukoil was awarded the rights to develop the field in 1997, but the contract was rescinded five years later by Saddam Hussein.
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