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14

Russian Government Supports Lukoil

The Russian government is supporting Lukoil's bid to develop major oil fields in Iraq, the Financial Times reported

The Russian government is supporting Lukoil's bid to develop major oil fields in Iraq, the Financial Times reported.

The oil major is eyeing Iraq's West Qurna field, which is estimated to hold as many as 11bn-15bn barrels of recoverable oil reserves, with a potential output of 1m bpd.

Lukoil signed a deal in 1997 with Saddam Hussein to develop the field, but it was rescinded in 2002 shortly before the US-led invasion.