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A consortium led by Russia's energy giant Lukoil signed on Sunday the final contract with the Iraqi Oil Ministry to develop the West Qurna Phase 2 oil field in southern Iraq.

Lukoil, partnered with Norway's Statoil ASA, will develop the oilfield to produce 1.8 million barrels per day (bpd) from its proven reserves of 12.88 billion barrels of oil.

The Lukoil owns 85 percent of the venture, while Statoil 15 percent. The pair will be paid a remuneration fee of 1.15 dollars per barrel, according to the 20-year deal.

West Qurna Phase 2 is one of the world's biggest undeveloped oil fields.

In 1997, Lukoil was awarded the rights to develop the field, but five years later, Saddam Hussein's regime cancelled the contract as the country was under severe United Nations sanctions.

More than 40 world oil companies from 23 countries participated in the Iraqi Oil Ministry auction on Dec. 11-12, 2009, the country's second round of bidding since 2003, which awarded seven contracts to international oil firms.

The first auction round was held in June 2009.

Estimated at 115 billion barrels, Iraq holds the world's third largest proven oil reserves, only after Saudi Arabia and Iran.

VietNamNet/Xinhuanet