FINANCIAL NEWS

Lukoil, Statoil issue tenders for Iraq oilfield

12 Jul 2010

(MENAFN) Russia’s Lukoil and Norway’s Statoil have started issuing tenders for the multibillion project to develop Iraq’s supergiant West Qurna Phase 2 oil field in southern Iraq, Reuters reported.

The first tender is a 3D seismic survey at the field, a source said. A second tender calls for drilling between 50 and 60 oil wells, the source said, adding that the drilling will be carried out in stages.

The first stage could be for the drilling of between seven to 10 wells in order to produce up to 120,000 barrels a day, which needs to be achieved by 2012, according to the deal Iraq signed with the two oil firms, the source added.

The person said that Lukoil expects to award these contracts to big and well-known firms such as Halliburton, Weatherford International, Schlumberger among others.

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