Norway's Statoil has now transferred its 18.75 per cent share in the West Qurna 2 field in Iraq to the operator Lukoil, following the Iraqi authorities’ approval of the transaction.
Statoil has been a partner with Lukoil in the West Qurna 2 project since the two companies won a competitive bid in 2009.
Statoil will have no financial commitments towards the project as of 1 January 2012. The commercial terms of the transaction are confidential.
"Statoil is well positioned for profitable growth, with an extensive and opportunity-rich project portfolio," says Peter Mellbye, executive vice president for Development and Production International in Statoil. After thorough evaluation, we have decided to pursue other projects and opportunities.”
"We are happy with the cooperation with Lukoil and the Iraqi authorities and pleased to see that the project continues to progress,” he adds.
To secure an orderly transfer to Lukoil and minimise any negative impact on safety and the progress of the project, the Statoil secondees to the Operator are gradually being demobilised.