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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

113 Migrants Drown in Libya-Italy Weekend Transits

An estimated 113 people died in four shipwrecks between Libya and Italy at the weekend as the crossing becomes the preferred sea route for migrants to Europe, the

Crowley Acquires Ace Fuels Assets in Anchorage

Anchorage-based Crowley Fuels yesterday completed an asset acquisition of the aviation fuels business of Ace Fuels, LLC, a fixed base operator (FBO) headquartered

USCG Sets 2nd Round of Hearings for El Faro

The U.S. Coast Guard will conduct a second round of public hearings May 16-27 for the Marine Board of Investigation into the loss of the U.S.-flagged cargo ship El Caro, and its 33 crewmembers.

Offshore

Wind-powered Oil Recovery Project Green-lighted

The DNV GL-led WIN WIN Joint Industry Project (JIP), which melds offshore wind with offshore oil and gas, shows that for suitable fields,finds that  wind-powered

Barge Master Wins Innovation Award at OTC

The Barge Master T40 motion compensated knuckle boom crane has been recognized for technological innovation, winning the Spotlight on New Technology Small Business

Keppel Acquires LeTourneau

Keppel Offshore & Marine (Keppel O&M), through its wholly owned subsidiary, Keppel Offshore & Marine USA, Inc., has completed the acquisition of Cameron International

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.0569 sec (18 req/sec)