Search results for "statoil"

CNPC to Replace Statoil at West Qurna-2?

By John Lee. The China National Petroleum Corporation (CNPC) is reported to be in talks with Russia's OAO Lukoil about joining the company’s West Qurna-2 project in Iraq. Lukoil is seeking a partner for a 30 percent stake in the project following the exit of Norway's Statoil’s, Nefte Compass said, citing Andrei Kuzyaev (pictured), head […]

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Statoil to Sell West Qurna-2 Stake to LUKoil

Russia’s LUKoil is set to become the only foreign operator of the West Qurna-2 oil project in Iraq after its partner, the Norwegian company Statoil, asked Iraq's oil ministry for permission to sell its stake, according to The Voice of Russia. The Iraqi Oil Ministry has reportedly approved the deal, which would give LUKoil a […]

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Statoil to Sell Stake in West Qurna-2?

The Middle East Economic Survey (MEES) reports that Norwegian producer Statoil ASA is trying to sell its stake in the West Qurna-2 oilfield. According to the report, the company may use the negotiations to improve the terms of the West Qurna-2 contract and decide against pulling out. If a sale happened, it would be the […]

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LukOil Attributes Higher Production to West Qurna-2

By John Lee. Russian oil company Lukoil has announced that, in the first quarter of 2016, the Group received 2.6 million tonnes of compensation crude from Iraq's state-owned South Oil Company as cost compensation within the West Qurna-2 project (in the first quarter of 2015, the Group received 2.3 million tonnes of compensation crude oil). […]

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Lukoil Updates on West Qurna 2

In its Third Quarter results published today, Lukoil has given the following update on its operations at the West Qurna-2 oilfield: On December 12, 2009, a consortium of a Group company and Statoil won the tender for development of the West Qurna-2 field in Iraq, one of the largest crude oil fields discovered in the […]

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Capital Gain Tax on IOCs in Iraq

By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Many countries impose capital gain tax on individuals, companies and corporations when a profit realized from the sale of assets. National and state legislation often has a large array of fiscal obligations […]

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Lukoil Forecasts Exports from West Qurna-2

By John Lee. Andrei Kuzyayev [Andrey Kuzyaev] (pictured), head of Lukoil's overseas operations, has said that Lukoil plans to reach commercial levels of oil production at West Qurna-2 in the first quarter of 2014, and is interested in participating in the Kirkuk oilfield in northern Iraq. He told Reuters: "There are no infrastructure risks [in […]

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West Quran 2 Contract Terms Revised

By John Lee. The Chairman of Russia's LUKoil, Vagit Alekperov, has signed an amendment to the contract to develop the West Qurna-2 oil field with the South Oil Company (SOC). According to the amendment, the 18.75 percent share of the project formerly owned by the Norwegian company Statoil is to be taken over by LUKoil, […]

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LUKoil says no Approach from Iraq on West Qurna-1

Russia's LUKoil said on Tuesday that Iraq has not asked it to replace Exxon Mobil at the West Qurna-1 oilfield. Nefte Compass said last week that Iraq was considering replacing Exxon with either Russia's LUKoil and Gazprom Neft, but LUKoil Vice President Leonid Fedun (pictured) told Reuters: "No one has offered us West Qurna-1 ... […]

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Putin Backs Russian Push for Iraqi Oil

By John Lee. Russian President Vladimir Putin (pictured) lobbied Iraq's prime minister on Wednesday to support Russian energy investment, according to a report from Reuters. At talks with Nouri al-Maliki in Moscow, he also called for Russia to strengthen its presence in the OPEC state. Gazprom Neft denied on Wednesday that it had frozen its […]

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