• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 52 mins Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents * Too late now
  • 8 hours Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 6 hours Will Uncle Sam Step Up and Cut Production
  • 12 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 21 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 21 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 9 mins 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 21 hours Continental Resource's Hamm wants shale to cut production. . . He can't compete with peers.
  • 15 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 1 day NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 8 mins Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 1 day Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 1 day Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 16 hours US Petroleum Demand Strongest Since 2007
A Limited Risk Play In A Shaken Market

A Limited Risk Play In A Shaken Market

Recession fears tanked stock markets…

Heat Wave Pushes Texas Power Demand To Record-High

Heat Wave Pushes Texas Power Demand To Record-High

Unusually high temperatures caused a…

Russian Oil Company Lukoil Seeks Re-Entry to Iraq

Russia, blindsided by the March 2003 U.S.-led invasion, is seeking to revive previous Iraqi opportunities.

Excluded from Iraq by the U.S.-led March 2003 invasion, Russia’s Lukoil is planning to invest $3.5 billion in Iraq’s West Qurnah-2 deposits by 2013.

Russian Natural Resources Minister Iuri Trutnev announced the investment following discussions with Iraqi Oil Minister Abd-al-Karim al-Lu'aybi.

If all goes according to plan, Lukoil hopes by 2018 to be extracting 95 million tons a year at the West Qurnah-2 field, Interfax news agency reported.

In 1997 Lukoil obtained the right to develop West Qurna-2, with an estimated 6 billion barrels of recoverable reserves.

Development never occurred, first, because of U.N. sanctions over the arrangement with the regime of Iraqi President Saddam Hussein and then after March 2003 because and later because all agreements made under Hussein’s regime were cancelled under the new administration. Prior to cancellation of the agreement Lukoil brought a number of Iraqi engineers to western Siberia for training.

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play