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Iraq oil minister: BP and Lukoil want to quit Iraqi oil projects due to investment environment

BP is lead contractor in Rumaila, country's biggest field. Lukoil wants to sell its stake in West Qurna 2 to Chinese companies

Iraq oil minister: BP and Lukoil want to quit Iraqi oil projects due to investment environment

Baghdad, July 5 - Neftegaz.RU. BP and Lukoil want to quit their Iraqi energy projects due to the current investment environment, the country's oil minister said, as OPEC's 2nd biggest producer faces an exodus of international oil companies that want to exit unattractive contracts, S&P Global Platts analysed.

Lukoil wants to sell its stake in West Qurna 2 to Chinese companies, Ihsan Ismaael said in a video posted online:
  • The investment environment in Iraq is not appropriate to maintain major investors
  • All major investors either are looking for another market or looking for another partner
Officials from BP, Lukoil and the Iraqi oil ministry weren't immediately available for comment.
BP and Lukoil would join ExxonMobil, which is seeking to sell its stake in the southern oil field of West Qurna 1.

BP is lead contractor of the Rumaila oil field, where it has a 38% stake alongside CNPC's 37% holding and the rest is shared between state-owned Basrah Oil Co. and the State Oil Marketing Organization, its partners in a technical service contract that expires in 2034.

The southern field of Rumaila is the country's biggest with a production capacity of about 1.5 million b/d out of the country's 5 million b/d production capacity and estimated 17 billion barrels of recoverable oil remaining.

Lukoil has a 75% stake in the southern mega field West Qurna 2 with state-owned North Oil Co holding the remainder.

Source : Neftegaz.RU


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