Roadblocks slow Lukoil, IOCs

Russian oil firm lowers expectations for short-term production gains, as other oil and gas deals face political challenges.
Deputy Prime Minister for Energy Hussain al-Shahristani (L) and Adnan Janabi, the head of Parliament's oil and energy committee, brief the press on February 23, 2011 in Baghdad. (BEN VAN HEUVELEN/Iraq Oil Report)

BAGHDAD - Since entering Iraq’s immensely promising oil sector, foreign companies have faced a number of hurdles, including political disputes, bureaucratic red tape, logistical difficulties, and infrastructure shortfalls.

The Russian oil firm Lukoil is the latest to stumble. On Wednesday the company announced that its development of Iraq’s 12.9 billion barrel West Qurna Phase 2 oil project has fallen behind. It’s not clear what has caused Lukoil’s delays.

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