Russia’s Lukoil is seeking partnerships with Asian oil firms to develop the West Qurna-2 project.
The company’s Vice-President, Leonid Fedun (pictured), told investors at a company presentation in Hong Kong:
“We are holding talks with several potential bidders, including Asian firms. I believe we may get positive news by the end of this year.”
Lukoil was originally granted a 56.25% stake in the field in 2009, with Norway’s Statoil holding 18.75% and Iraq’s state oil company the remaining 25%. However, in March Lukoil agreed to buy Statoil’s, bringing its holding to 75%.
With estimated reserves of 12.9 billion barrels, West Qurna-2 is one of the world’s largest oilfields.