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LUKOIL: West Qurna-2 field production reached 1 billion barrels

The field is located in Southern Iraq. Lukoil has a 75% stake in the project, with Iraq’s state-run North Oil Company the remainder.

LUKOIL: West Qurna-2 field production reached 1 billion barrels

Basra, November 12 - Neftegaz.RU. Since the launch of commercial operation, Russia´s LUKOIL has produced 1 billion barrels of oil at Iraqi West Qurna-2 oil field.

Minister of Oil of Iraq Ihsan Abdul Jabbar Ismail praised LUKOIL for its success in West Qurna-2 and Block-10 projects, including the discovery of the major Eridu field.
He said:
  • This day is one of the most important days in the history of the oil industry, as LUKOIL has a major role in the oil produced from West Qurna-2 field, according to the specifications
  • Lukoil contributed to secure revenues to the Iraqi state, the company was very patient with the limitations of OPEC and its development programs are evidence of its keenness
  • The Ministry of Oil and Basra Oil are ready to cooperate, and we affirmed the government's seriousness and keenness for LUKOIL to remain a key partner for Iraq
West Qurna-2 is one of the world’s largest oil fields with around 14 billion barrels of initial recoverable reserves.
The license area covers around 300 sq.km.

LUKOIL concluded a service agreement in December of 2009, commenced commercial production of oil in 2014 and subsequently succeeded with Phase 1 of the field’s development.
As of today, West Qurna-2 delivers 9% of Iraqi total oil production.

In July, President of LUKOIL Vagit Alekperov said that the company had discussed a partial sale of its stake in the West Qurna-2 project with the Iraqi authorities.
However, the Iraqi Oil Ministry insisted on Lukoil’s keeping its participation in the project.

On the occasion of the company's 1 billion barrels milestone, Alekperov noted the ​company's interest in continuing operations in Iraq.

To read the full story in Russian

Source : Neftegaz.RU


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