Iraq readies final super-giant field for Cabinet

BAGHDAD - Iraqi officials and those from majors Lukoil of Russia and Norway’s Statoil have agreed to the draft contract to develop the West Qurna-Phase 2 project into a 1.8 million barrel per day (bpd) field.

The 20-year agreement was inked Tuesday at the Iraqi Oil Ministry headquarters. Deputy Oil Minister Abdul Karim Luaibi said all seven of the contracts from the Dec. 11 and 12 auction will be sent to the Council of Ministers after Wednesday’s draft agreement on two deals with Sonangol.