Lukoil, ConocoPhillips set to revive 4 bln usd Iraqi oil contract - report |
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Published
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Sun, 14 Jan 2007 19:18
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LONDON (AFX) - Lukoil is poised to resurrect the 4 bln usd contract, in which ConocoPhillips also has a stake, that it signed with Saddam Hussein's regime to develop one of Iraq's largest oil fields, reported The Independent on Sunday.The paper said that Iraq's long awaited hydrocarbon law, which will soon be put before the Iraqi parliament, contains a provision that states that existing contracts to develop the country's 115 bln barrels of reserves remain valid, subject to revision.A draft obtained by the paper said: 'Any contract made under existing law concerning exploration and production of petroleum in the territory of Iraq shall remain valid.'The Independent on Sunday reported that Lukoil president, Vagit Alekperov, plans to visit Iraq in the next few weeks as the company continues negotiations with the Iraqi oil ministry.Lukoil may have to bring in other partners because of the size of the West Qurna-2 field, which holds up to 16 bln barrels of oil, the paper added.A Lukoil spokesman told the paper that once it is given the official go-ahead, development can begin in three months.'But everything depends on the security situation,' he added.newsdesk@afxnews.comcmlCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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