Arab Today, arab today iraq approves sale of oilfield stake by statoil
Last Updated : GMT 06:21:31
Arab Today, arab today
Arab Today, arab today

Iraq approves sale of oilfield stake by Statoil

Arab Today, arab today

Arab Today, arab today Iraq approves sale of oilfield stake by Statoil

Baghdad - Arabstoday

Iraq has approved the sale by Norway’s Statoil ASA of its minority stake in a giant oil field to Lukoil OAO, making the Russian firm the sole foreign partner in one of Iraq’s biggest new oil projects, two Iraqi oil industry sources said on Wednesday. Statoil will sell its 18.75 per cent state in the West Qurna Phase-2 field to Lukoil, giving the Russian firm a 75 per cent stake. An Iraqi state oil company owns the other 25 per cent. The deal makes Statoil the first big Western oil firm to abandone of the lucrative oil deals offered by Iraq in recent years. “Statoil reached an agreement with Lukoil to sell its stake in West Qurna-2, and Iraq’s Oil Ministry approved the deal,” an Iraqi oil industry source said. Another Iraqi oil industry source confirmed the deal. “Statoil has sold its stake to Lukoil, and Lukoil now is the sole operator of West Qurna-2,” the second source said. Statoil confirmed it was in talks to sell the stake and said it would comment fully when the deal was finished. “Both Lukoil and Iraqi authorities have previously confirmed that we have initiated a process to transfer our shares in the West Qurna-2 project in Iraq,” a spokesman said. “We will inform when this process is complete.” The Norwegian state company has considered quitting Iraq for some time and turning its attention to less risky assets elsewhere, industry sources say. It is planning billions of dollars worth of investments in areas such as offshore Norway and in the United States. Lukoil and Statoil sealed the 20-year deal in December 2009 to develop the virgin field. They targeted a plateau output of 1.8 million barrels per day (bpd) in six years. Iraq has signed several oil deals to develop its vast oil fields, which target capacity of 12 million bpd by 2017. Infrastructure bottlenecks and bureaucratic hurdles make achieving a target of 6 million bpd look ambitious, but the deals are still expected to make Iraq one of the world’s biggest sources of new oil in the next few years. Iraq’s oil production has been held back by decades of war and sanctions, but officials say they now expect it to rise quickly.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today iraq approves sale of oilfield stake by statoil Arab Today, arab today iraq approves sale of oilfield stake by statoil

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures

GMT 05:33 2017 Thursday ,23 February

Oil slips but close to multi-week high

GMT 17:44 2017 Wednesday ,22 February

Gasoline 98 octane price surges LL100

GMT 15:37 2017 Wednesday ,22 February

Nakilat Posts QR 955 Million Profit in 2016

GMT 15:32 2017 Wednesday ,22 February

Laffan Refinery 2 Cost QR 3 Billion

GMT 15:31 2017 Wednesday ,22 February

Oil up 2% as OPEC chief sees higher compliance with cuts

GMT 07:00 2017 Wednesday ,22 February

Oil prices rise on high OPEC compliance with output cuts
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday