Tag Archives | Russia

4th Round Energy Auction: Only 2 more Fields Awarded

Iraq’s government signed deals for only three of the 12 oil and gas exploration blocks offered in its fourth energy auction, which ended on Thursday, reflecting reluctance of foreign bidders to risk money in unexplored areas. Russia's LUKoil, along with partner Inpex Corp of Japan, won the deal for the 5,500-square-kilometer Block 10 in Muthanna […]

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 […]

Lukoil to Go it Alone at West Qurna 2

Lukoil, Russia's second-largest crude oil producer, has confirmed that it will be able to develop Iraq's West Qurna-2 oilfield without partners. "Today we are able to implement this project by ourselves," president Vagit Alekperov told reporters in the Spanish city of Barcelona on Friday. Reuters reports that production from the field will reach 150,000 barrels […]

Iraq "Wants to Buy Russian Arms"

Russia's Deputy Prime Minister, Dmitry Rogozin, said on Tuesday that both Libya and Iraq continue to show interest in buying Russian-made weaponry despite regime changes in these countries. According to RIA, the minister, who oversees the Russian defense industry, told reporters in Moscow: “The Libyan military leadership and the Iraqi government have shown serious interest […]

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Lukoil to Sign $998m Deal with Samsung on West Qurna-2

Bloomberg reports that Lukoil, Russia’s biggest non- state oil producer, will sign an agreement with Samsung this week for the development of the West Qurna-2 oilfield. Samsung will install “a crude-gathering facility and a central processing plant for West Qurna-2,” the Iraqi Oil Ministry said on Tuesday. The deal is expected to be signed on 22nd […]

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 […]

Iraq Approves Sale of Statoil Stake in West Qurna-2 to Lukoil

Platts reports that the Iraqi oil minister, Abdul Karim Luaibi [Elaibi], has approved the sale of Statoil's 18.75% stake in the giant West Qurna-2 oil field to the project operator, Russia's Lukoil. Meanwhile, Reuters reports that the Norwegian oil giant has confirmed that it is in talks to sell its stake to Lukoil. "Both Lukoil and […]

Russia to Strengthen Ties with Iraq

Russian President Dmitry Medvedev (pictured) announced on Thursday that Russia would continue helping Iraq to become a democratic, independent country and to preserve its territorial integrity, something that meets the Iraqi people’s interests and is in line with regional stability and security. In a letter delivered to Iraqi Prime Minister, he also signaled Russia's readiness […]

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 […]

Gazprom Neft Starts Drilling Second Well at Badra

OAO Gazprom Neft started drilling a second appraisal well at the Badra oilfield, according to a report from Bloomberg. The Russian producer, which started drilling the first such well at Badra in November, expects to complete the second well in spring, and plans to approve the field development plant in February 2013. (Source: Bloomberg)

Russia’s Bashneft Eyes Iraqi Oil

Russia’s Interfax news agency reports that OAO Bashneft is in talks to form a consortium to develop Iraqi oil fields. The company, controlled by billionaire Vladimir Evtushenkov’s AFK Sistema, reportedly wants to be a junior partner in a consortium that will bid in the next round of tenders for Iraqi oil fields. (Source: Bloomberg)