Statoil Mulls Sale Of Iraqi Oil Field Stake To Lukoil

Law360, New York (March 7, 2012, 12:53 PM EST) -- Norwegian oil company Statoil ASA confirmed Wednesday it is in talks to sell its share of one of Iraq's biggest oil fields to Russia's Lukoil RTS, which already owns a majority of the project.

The West Qurna 2 field, about 100 miles west of Basra in southern Iraq, is thought to hold about 13 billion barrels of oil. Statoil owns 18.75 percent, Lukoil holds 56.25 percent and Iraq's state-owned North Oil Co. holds 25 percent.

The group won the rights to develop the field in 2009...
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