Interfax: Lukoil Gets Offer from ExxonMobil On West Qurna Stake

MOSCOW - OAO Lukoil Holdings, Russia's second-largest oil producer, has received an offer from Exxon Mobil Corp. on the U.S. major's West Qurna-1 oil field project in Iraq, Lukoil Deputy President Andrei Kuzyayev was quoted as saying by Interfax Friday.

"We received an offer from Exxon. We, most probably, will study the possibility. But as of today we don't have a decision on it," he said, Interfax reported.

The head of Iraq's Southern Oil Company said Thursday that Exxon had asked for permission to share data about the West Qurna-1 with BP PLC, Eni SpA, Lukoil and a number of other companies, with the aim of selling part of its stake in the project.

Exxon operates the West Qurna-1 project, which is boosting production by applying the latest technology to an old oil field neglected during many years of conflict and sanctions. It has raised output to nearly 400,000 barrels a day from 244,000 barrels a day. The contract targets eventual output of 2.8 million barrels a day.

Lukoil owns a 75% stake in the West Qurna-2 oil field project.

Copyright (c) 2012 Dow Jones & Company, Inc.


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