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.
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.