12 november 2021, 12:05

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.

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