Why Russian Oil Giant Lukoil Won’t Give Up On This Huge Oilfield

There was always something that did not look quite right about Lukoil’s recent announcement that it was going to withdraw from Iraq’s huge West Qurna 2 oil field, located 65 kilometers northwest of the southern port of Basra and with roughly 14 billion barrels of reserves in place. So it has proven, with the bland statement last week that Lukoil is, in fact, going to stay on in the role of lead developer on the supergiant site. OilPrice.com exclusively reveals what happened below. The recent development history for Lukoil in West Qurna…