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. Last Updated: 07/27/2016

LUKoil to Get Advantage in Iraq Field

LUKoil will have an advantage in a new tender for the West Qurna-2 field in Iraq, Iraqi Foreign Minister Hoshyar Zebari said, Interfax reported Wednesday.

LUKoil's investments and work at the field will be taken into consideration should the oil producer bid, Zebari said, Interfax reported.

The minister invited LUKoil chief executive Vagit Alekperov to Iraq, Interfax said.

LUKoil has been lobbying Iraq to recognize the West Qurna-2 contract that it signed with former dictator Saddam Hussein's government. LUKoil wants to develop the field with shareholder ConocoPhillips.

LUKoil's 1997 contract to drill at West Qurna-2, which has an estimated reserve capacity of 4 billion barrels, has been hamstrung under the new authorities in Iraq.

The Iraqi parliament is expected to pass a new law that will review previous oil contracts and open the way to a wave of tenders to tap Iraq's enormous oil wealth.

Bloomberg, AP