Lukoil to Boost Spending at West Qurna-2 to $2bn in 2012

Lukoil plans to boost investment at its West Qurna-2 oil field in Iraq to about $2 billion this year.

Russia’s largest non- state company plans to carry out drilling and begin construction of a pipeline as it prepares the field for the start of production.

The company invested more than $200 million in the project last year, a Moscow-based spokesman for the company’s overseas unit told Bloomberg.

Last week, Iraqi oil minister, Abdul Karim Luaibi [Elaibi], approved the sale of Statoil's 18.75% stake in the oil field to Lukoil, the project operator.

(Source: Bloomberg)

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