Bloomberg reports that Lukoil, Russia’s biggest non- state oil producer, will sign an agreement with Samsung this week for the development of the West Qurna-2 oilfield.
Samsung will install “a crude-gathering facility and a central processing plant for West Qurna-2,” the Iraqi Oil Ministry said on Tuesday. The deal is expected to be signed on 22nd March.
According to Dow Jones, the central processing facility, or CPF, will cost $998 million, and it is expected to take 31 months to complete.
Lukoil expects to complete the purchase of Statoil’s stake in the oilfield in May, following which it may invite new partners to join the project.
(Source: Bloomberg, Dow Jones)