Russia's LUKOIL says "no" to Iraqi West Qurna-1 project
MOSCOW Dec 24 (Reuters) - Russia's second-largest crude producer LUKOIL said on Monday it decided against entering project to develop Iraqi huge West Qurna-1 oilfield, citing high risks.
LUKOIL oversees the largest share of oil reserves in Iraq among foreign companies and is already involved in the West Qurna-2 project.
"We have analysed all the risks and decided that, as we have (already) been implementing such a global project as West Qurna-2 without a partner, we would have taken upon great risks by entering another big project such as West Qurna-1," Andrei Kuzyayev, head of LUKOIL Overseas, told Russian state TV channel Rossiya-24.
West Qurna-1 became available for LUKOIL and other majors last month when ExxonMobil has informed the Iraqi government it wants to pull out of the $50 billion project in southern Iraq.
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video