30 December 2009
A group led by Russian energy firm Lukoil signed an initial agreement yesterday to develop Iraq's supergiant West Qurna Phase Two oilfield.

The oilfield in southern Iraq has estimated reserves of 12.9 billion barrels. Lukoil owns 85 per cent of the venture, while Statoil holds the rest.

The deal was awarded after an auction of oilfield  contr-acts earlier this month attended by leading global energy firms.

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