Lukoil is back, wins West Qurna

Lukoil is returning to Iraq's West Qurna oil field, which it had a previous contract for developing under Saddam Hussein. The then-dictator scrapped it because Lukoil was slow on starting work, though Lukoil claims sanctions prevented it from progress and has maintained that the contract was cut illegally.

Lukoil had attempted to win the first phase of West Qurna, which was part of a June 30 auction and eventually awarded to Exxon Mobil with partner Shell. Exxon and Shell were expected to bid...