LUKoil Still Considering West Qurna-1

By John Lee.

Russian’s LUKoil is said to be studying documents on Iraq’s West Qurna-1 oil field, with a view to possibly taking over ExxonMobil's stake.

Bloomberg quotes Chief Executive Officer Vagit Alekperov (pictured) as saying that the company will make a decision on possible participation in the project by the end of the year.

It already holds 75 percent of the adjacent but separate West Qurna-2 "super giant".

We are looking at the main issue now, synergy,” Alekperov told reporters today in Moscow. “What economic synergies the company will get if these two projects work together.

In a separate report, LUKoil is said to have bought oil from Kurdistan in defiance of Baghdad.

(Source: Bloomberg)

One Response to LUKoil Still Considering West Qurna-1

  1. tbf 29th November 2012 at 17:27 #

    definitely, CNPC is more competetive than lukoil in taking-over WQ-1 from exxon mobil.

    CNPC is rich in finance and fastest in rebuilding the oilfield. Iraqi people need oil,not west world's dragging and complaints.

    what do u think.