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Russia's Lukoil (LUKOF.PK, LUKOY.PK) decides against joining the development of Iraq's West...

  • Monday, December 24, 2012, 11:36 AM ET
    Russia's Lukoil (LUKOF.PK, LUKOY.PK) decides against joining the development of Iraq's West Qurna-1 oilfield, citing high risks, paving the way for Chinese companies to enter the project. PetroChina (PTR) is believed to be the frontrunner to take over ExxonMobil's (XOM) 60% stake in the field. Lukoil still owns a 75% stake in the West Qurna-2 field.
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    Wow. If PTR takes over XOM's 60% that means they just got another 6Bbo of easily recoverable oil reserves. If it is a fee based service I bet it will be still highly profitable and the angry Iraqis will be less likely to be sabotage a Chinese operation. I wish you could see PTR's "real" books. I got a position in them but not much because I don't trust a Chinese GSE. LOL!
    24 Dec 2012, 04:46 PM Reply Like
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