Russia's TNK-BP establishes joint venture for Iraq oil

Russia's TNK-BP has established a joint venture to develop oil and gas fields in Iraq, joining Russian majors.

Russia's TNK-BP establishes joint venture for Iraq oil

Russia's TNK-BP, half owned by BP , has established a joint venture to develop oil and gas fields in Iraq, joining Russian majors, which are tapping the world's third-largest crude reserves."The two companies will consider joint acquisition of fields with commercial reserves within Iraqi provinces," the Russian company said in a statement.It didn't specify the possible amount of investment or the particular fields it wants to develop.TNK-BP has long been vying for the hydrocarbon resources of the oil-rich country. The oversees expansion became possible after Russian and BP shareholders had ironed out their differences in 2008 after a long corporate dispute.Iraq awarded billions of dollars of contracts to oil majors to refurbish its dilapidated oil fields after years of neglect and war. Baghdad's goal is to expand production capacity to 12 million barrels per day (bpd) in about six years from about 2.5 million bpd now.Companies involved in the deals include U.S. major Exxon Mobil Corp as well as Russia's LUKOIL and Gazprom Neft.Reuters

Last Mod: 05 Mayıs 2010, 20:15
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