Lukoil is said to have raised the production plateau for the West Qurna-1 field in its new proposal and the company expects a decision by the Iraqi oil ministry on Monday or Tuesday, an industry official, with knowledge of the matter, said.
The Russian company is partnering ConocoPhillips (COP) in the bid. Lukoil is now the second international oil company after Exxon to accept Baghdad's $1.90 a barrel payment fee for West Qurna, the most sought-after field in the country's first postwar petroleum round held at the end of June this year.