Lukoil of Russia and Statoil of Norway on Tuesday formally signed a contract with Iraqi authorities to develop the vast West Qurna 2 oil field. The untapped reserves are seen as critical to Iraqi reconstruction efforts.
The consortium led by Lukoil offered to develop the West Qurna field in exchange for $1.15 for each barrel of oil it extracted. That offer beat out bids from companies including BP of Britain and Total of France.
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