State-owned PetroChina Company Ltd said that it was talking with relevant parties about plans to develop Iraq's West Qurna oilfield. In an earnings briefing, PetroChina President Wang Dongjin has expected that the talks about the giant oilfield to be concluded by year's end.

Earlier in August, the South China Morning Post (SCMP) reported that the biggest oil producer in China was in talks with Lukoil. The report said PetroChina was interested in purchasing a stake in a second project in West Qurna, dubbed West Qurna- 2, which was developed by the Russian oil firm. Should the deal push through, this would make the Chinese firm the biggest single foreign investor in the Iraqi oil fields, the report said.

An estimated 500,000 barrels of oil per day was expected to be generated from West Qurna-2 next year, but this would require an investment of USD 30 billion. Lukoil said it intended to invest USD 5 billion this year alone to start harnessing production volume from the resource.