Lukoil brings in WorleyParsons as project manager for development of West Qurna-2
MOSCOW. Nov 28 (Interfax) - Russian oil company Lukoil has brought in WorleyParsons as a subcontractor to manage the development of the West Qurna-2 field in Iraq, the servicing company said in a statement.
The contract with WorleyParsons was signed for three years. The service company will receive $82 million in revenue from its realization.
WorleyParsons will organize and oversee construction operations, material and technical procurement, the implementation of engineering solutions, personnel and so forth. The contract will cover the oil treatment unit, gas treatment facilities, multiple well platforms and field-water cleaning units.
The West-Qurna-2 field is the second biggest undeveloped field in the world with recoverable oil reserves at around 14 billion barrels.
Lukoil won the rights to develop the field jointly with Norway's Statoil. The shares of the project participants after the contract signing were divided as such: Lukoil - 56.25%, Iraq state company North Oil Company - 25%, and Statoil ASA - 18.75%. However, Statoil left the project in May. The field's launch might take place at the end of 2013.