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Monday, January 11, 2010     FOLLOW UPDATES ON TWITTER

Norway oil firm teams with Russia's LukOil on large-scale Iraq deal

LONDON — A Western energy major has been planning a major project in Iraq.   

Norway's StatOil intends to invest $1.4 billion in Iraq's West Qurna crude oil field by 2014, Middle East Newsline reported. The company said it would cooperate with Russia's LukOil for the second phase of West Qurna, regarded as one of the largest fields in Iraq. Executives said StatOil, with a 25 percent stake, would increase production at West Qurna to 1.8 million barrels per day.

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West Qurna phase 2 was said to contain reserves of 12.9 billion barrels of oil. LukOil said it would invest $4.5 billion. Iraq has been auctioning major oil fields in an effort to increase energy production and exports. The companies included Western majors such as ExxonMobil.

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