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

Legal

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

Houston Port Commission Approves budget

The Fiscal Year 2015 Operating and Capital Budget was approved Thursday during a special meeting of the Port Commission of the Port of Houston Authority.   Projections

Offshore

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
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: 0.1773 sec (6 req/sec)