• 7 hours Russia Approves Profit-Based Oil Tax For 2019
  • 11 hours French Strike Disrupts Exxon And Total’s Oil Product Shipments
  • 13 hours Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 15 hours Oil Production Cuts Taking A Toll On Russia’s Economy
  • 17 hours Aramco In Talks With Chinese Petrochemical Producers
  • 18 hours Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 20 hours Maduro Names Chavez’ Cousin As Citgo Boss
  • 1 day Bidding Action Heats Up In UK’s Continental Shelf
  • 1 day Keystone Pipeline Restart Still Unknown
  • 1 day UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 2 days Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 2 days Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 2 days German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 2 days Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 2 days Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 3 days Oil Prices Rise After API Reports Major Crude Draw
  • 3 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 3 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 3 days Statoil Looks To Lighter Oil To Boost Profitability
  • 3 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 3 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 3 days Whitefish Energy Suspends Work In Puerto Rico
  • 3 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 3 days Thanksgiving Gas Prices At 3-Year High
  • 3 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 4 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 4 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 4 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 4 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 4 days ConocoPhillips Sets Price Ceiling For New Projects
  • 6 days Shell Oil Trading Head Steps Down After 29 Years
  • 6 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 7 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 7 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 7 days Venezuela Officially In Default
  • 7 days Iran Prepares To Export LNG To Boost Trade Relations
  • 7 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 7 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 7 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 7 days Rosneft Announces Completion Of World’s Longest Well
Overcoming Wind Energy’s Biggest Obstacle

Overcoming Wind Energy’s Biggest Obstacle

New research suggests that smaller,…

Is This The Ultimate Fuel For Millennials?

Is This The Ultimate Fuel For Millennials?

The next biofuel breakthrough could…

Russian Oil Company Lukoil Seeks Re-Entry to Iraq

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