Statoil has now transferred its 18.75 per cent share in the West Qurna 2 field to the operator Lukoil following the Iraqi authorities’ approval of the transaction.

Statoil has been a partner with Lukoil in the West Qurna 2 project since the two companies won a competitive bid in 2009.

Statoil will have no financial commitments towards the project as of 1 January 2012. The commercial terms of the transaction are confidential.

"Statoil is well positioned for profitable growth, with an extensive and opportunity-rich project portfolio," says Peter Mellbye, executive vice president for Development and Production International in Statoil. After thorough evaluation, we have decided to pursue other projects and opportunities.”

Tags: Statoil