Russian oil major LUKOIL will hold talks regarding the development of Iraq's West Qurna oil field with the new government, according to LUKOIL head Vagit Alekperov. According to <i>ITAR-TASS</I>, LUKOIL had a 68.5 percent stake in the West Qurna project in southern Iraq with reserves of over 20 billion barrels. The Iraqi stake under Saddam Hussein was 25 percent.
LUKOIL and ConocoPhillips have set up an alliance, which also intends to negotiate LUKOIL production-sharing rights for West Qurna. If the rights are confirmed, LUKOIL will pass 17.5 percent to ConocoPhillips.