ConocoPhillips to acquire stake in OAO Lukoil

ConocoPhillips said it plans to purchase 7.59% of OAO Lukoil for $1.99 billion and join the Russian company in a strategic alliance outlining how ConocoPhillips might increase its interest to 20%.On Sept. 29, the two majors announced the creation of a joint venture to develop fields in northern Russia's Timan-Pechora oil and natural gas province and also an intention to jointly seek the right to develop giant West Qurna oil field in Iraq."This investment is consistent with our exploration and production strategy of increasing reserves and production growth in new legacy areas at attractive costs," said ConocoPhillips Pres. and CEO Jim Mulva. ConocoPhillips Pres. and CEO Jim MulvaClic...

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