Adjusted Ownership Split in West Qurna 2

Monday, January 04, 2010

29 December 2009 Lukoil and Statoil initialised the contract with Iraqi authorities for the West Qurna 2 field. Lukoil and Statoil have agreed to adjust the ownership split, increasing Statoil’s share from 15 % to 25 %. Lukoil’s share is reduced to 75 %.

Lukoil and Statoil secured the winning bid on the West Qurna 2 field during the second licensing round in Iraq 11 and 12 December. Based on thorough analysis and an optimised development plan for the field, Lukoil and Statoil were able to bid a production plateau of 1.8 million barrels per day and a remuneration fee of 1.15 dollars per barrel.

The increased Statoil share will create a more balanced consortium and confirms Statoil’s confidence in this being an important position for the company. An Iraqi state partner will be included in the consortium with a share of 25 %, reducing Lukoil and Statoil shares to 56,25 % and 18,75 %.

After the contract now has been initialised it will now be subject to political approval in Iraq before final signing of the contract.

The adjustment in ownership split will not entail any compensation to be paid, but Statoil will get a proportional higher stake in the project.
 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Yara Reports Strong 3Q Results

Yara International ASA delivered strong third-quarter results, with record fertilizer deliveries and continued margin benefit from lower European gas price. "Yara

Bright Outlook for BWM Convention

The Danish Maritime Authority informed that the Ballast Water Management Convention is now one step closer to ratification following last week’s meeting of United

Court Dismisses Boating Industry’s Challenge to EPA Misfueling Rule

The National Marine Manufacturers Association (NMMA) said it is disappointed with the U.S. Court of Appeals decision released on Tuesday, October 21, 2014 for the D.

Offshore

Ocean Installer Enters Australian O&G Market

Ocean Installer’s said that it has established office in Perth, Australia to meet demand for subsea construction services.  “This is the beginning of our presence

Nordic Wins with Noble

Nordic Maritime, a leading offshore service operator, today announced a five year time charter for its DP2 IMR Subsea vessel, Mokul Nordic, which has been awarded by Noble Energy,

Pemex Suspends Eviction of Workers in Campeche

Due to the behavior shown by the low pressure system in the Gulf of Mexico, whose career was diverted in the last hours, the Technical Analysis Group Emergency

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0777 sec (13 req/sec)