Q&A: Lukoil’s Vitaly Novozhilov

BASRA - The Russian oil firm Lukoil has faced its share of challenges in its quest to develop the super-giant West Qurna 2 oil field, but now the company is confident it can deliver on its massive contract.

Of all the fields awarded in the 2009 bidding rounds, the deal for West Qurna 2, which holds 12.9 billion barrels of proven reserves, will pay out the lowest per-barrel profit. Along with its junior partner, Norway's Statoil, Lukoil's bid included a remuneration fee of just $1.15 per barrel.