Lukoil finalizes super-giant W. Qurna 2

BAGHDAD - Russian Lukoil and its Norwegian partner Statoil have made official the super-giant West Qurna Phase 2 oilfield development contract, the tenth and final oil deal awarded by the Iraqi Oil Ministry in two auctions last year.

Developing the 12.9 billion barrel field is part of the ministry's plans to increase production capacity to more than 12 million barrels per day (bpd) within seven years. Iraq is producing only 2.5 million bpd now, far below possible production from the world's third largest oil reserves.