Lukoil picks law firm for Iraq oilfield
Baghdad, May 15, 2011
Leading global law firm Clyde & Co has been appointed by Lukoil Mid-East to support them in their development of the West Qurna-2 field in Iraq.
With recoverable reserves of 43 billion barrels West Qurna is the second largest oil field in the world.
This is a landmark project for Lukoil, representing as it does a planned production capacity of 1.8 mbd by 2017. This equates to more daily production than Libya currently achieves as an order of magnitude indicator. With planned investment levels of $4.5 billion over the next 3 to 5 years, and a total investment projection of $30 billion, the scale of this project for Lukoil is clear, a statement said.
'We are pleased to have selected Clyde & Co for a place on our panel of outside law firms for work in connection with Lukoil's operation of the West Qurna-2 field inIraq. Clyde's major presence in the Middle East and their experience in Iraq, together with their oil and gas expertise, made them an obvious choice for us,' said Nikolay Isaakov, director of Legal Affairs for Lukoil Mid-East.
'Being appointed by Lukoil Mid-East Limited to assist them and their partner Statoil in their development & operation of the huge West Qurna-2 Field in Iraq is a significant development in the growth of Clyde & Co's international energy practice,' added Duncan Gray, senior legal counsel and George Booth, Partner, Clyde & Co.
The West Qurna-2 field is located in the Basra province west of the Majnoon field, which has been awarded to Shell and Petronas, and north of the Halfaya field which was awarded to CNPC and Total. Lukoil has the operatorship of the field with a 56.25 per cent holding, its IOC partner Statoil has 18.75 per cent, with the state owned North Oil Company holding the remaining 25 per cent.-TradeArabia News Service