The parties to the contract were the Iraqi state's South Oil Company and a consortium of contractors consisting of the Iraqi state's North Oil Company (25% and state partner), Lukoil, (56.25% and operator) and Statoil (18.75%). The development and production service contract for the West Qurna 2 field was offered as a service contract under which the contractors receive cost recovery plus a remuneration fee. Lukoil and Statoil's bid for West Qurna 2 included a production plateau level of 1,800 mboe per day.

However, Statoil has agreed with Lukoil and the Iraqi authorities to start the process of transferring its 18.75% share in the West Qurna 2 development project to the operator Lukoil. The booked reserves have been adjusted accordingly.