Friday, March 23, 2012
Lukoil, Samsung in deal to up Iraq output
Lukoil signed a $1 billion deal with South Korea's Samsung Engineering on Thursday to develop Iraq's second-biggest oil field, in which the Russian energy giant has a majority stake. The agreement is part of efforts to increase to 1.8 million barrels per day (bpd) crude output at the West Qurna-2 field in the south of the country, which has known reserves of 12.876 billion barrels.
Posted by Michele Kearney at 11:12 AM