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LUKoil, Samsung Sign Deal To Develop Iraqi Oil Field

Russia's LUKoil and South Korea's Samsung have signed a deal worth some $1 billion to develop Iraq's West Qurna-2 oil field.

The deal is part of Iraqi efforts to get the field to produce some 1.8 million barrels of oil per day.

The West Qurna-2 field is estimated to hold some 12.9 billion barrels of oil.

The deal includes improving wells at the site and constructing infrastructure to extract and treat oil and water-intake equipment within a 29-month period.

A consortium led by LUKoil won the contract for the project in 2009.

Under the deal, consortium partners receive $1.15 for every barrel extracted at the site.

With AFP reporting