MOSCOW — Russian oil producer Lukoil has turned down an offer from the Iraqi government to replace Exxon Mobil at the West Qurna-1 field in Iraq. The development of a large-scale project such as West Qurna 1 would bring additional risks to the company, which is already developing the West Qurna 2 project in Iraq, which requires up to $5bn investment, said Andrey Kuzyaev, head of Lukoil Overseas. Earlier this year Baghdad considered inviting Russia's Lukoil and Gazprom Neft – both already operating a number of projects in the country, instead of Exxon Mobil to develop the West Qurna-1. In 2010 Exxon and the semi-autonomous Kurdistan regional government signed a number of deals to develop six blocks in West Qurna without Baghdad's approval. Outraged by the move the Iraqi authorities threatened the American company with sanctions. Currently Lukoil holds a dominant 75 percent stake in the West Qurna-2 oil field. It is developing the oil deposits in partnership with Iraqi North Oil Co. — Agencies
