A consortium led by Russia's largest independent crude producer LUKoil will invest some $30 billion in the development of the West Qurna-2 oil field in Iraq, LUKoil CEO Vagit Alekperov said on Monday.
"[Initial] investment will stand at $4.5 billion, and the total will exceed $30 billion," Alekperov said at a meeting with Russian Prime Minister Vladimir Putin.
Alekperov earlier said there would be just 380 oil wells.
The consortium of LUKoil (85%) and Norway's Statoil won a 20-year contract for the Iraqi field on December 12. LUKoil, Statoil and Iraq's state-run North Oil Company as contractor companies and Iraq's state-run South Oil Company initialed the contract on December 29. The contract had an option to be extended for another five years.
LUKoil was involved in the development of the first phase of West Qurna and signed a contract with the Saddam Hussein regime to develop the second stage, but the deal was frozen in 2002.
MOSCOW, February 1 (RIA Novosti)
