Lukoil Seeks Asian Partners for West Qurna-2

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.

(Source: RT)

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