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In September 2004, ConocoPhillips purchased a 7.6 percent stake in Lukoil and signed an agreement that could increase this figure in the future to up to 20 percent. [1]. The two oil companies have agreed to jointly develop an oil and gas field in the northern Timan-Pechora area of Russia and intend to secure the right to jointly develop the West Qurna Field in Iraq - one of the country's largest.