The meeting took place in the Oil Pavilion at Moscow's VDNKh that had been reconstructed by LUKOIL.
The meeting was attended by Russian Deputy Prime Minister Alexander Novak, Russian Minister of Energy Nikolai Shulginov, President of LUKOIL Vagit Alekperov and Iraqi Minister of Oil Ihsan Ismael.
Oil reserves in Iraq are considered the world's 5th-largest proven reserves, with 140 billion barrels.
The parties took note of their fruitful cooperation in oil industry, exchanged opinions on possibilities of restoration of demand for oil after the COVID-19 pandemic and discussed ongoing and future joint oil & gas projects.
The esteemed guests also examined Russia's largest multimedia exhibition of the Oil Pavilion.
The project presents the history of oil, main areas of its use and particular features of the industry.
It was created using cutting-edge technologies such as virtual and augmented reality, a hologram theater, modern phygital solutions bringing the digital and physical worlds together.
LUKOIL started commercial production of oil at the West Qurna-2 field in Iraq back in 2014.
The West Qurna-2 field, located in the South of Iraq, is one of the largest in the world with initial recoverable reserves of around 12.9 billion boe.
LUKOIL signed a new development plan of West Qurna-2 that provides for an oil production plateau of 800 000 barrels per day (bpd).
According to the plan, the oil production of 480 000 bpd reached in 2020 and 800 000 bpd is expected in 2025.
LUKOIL is also a party to an exploration project, covering Block 10 located in proximity to West Qurna-2.
The 5.5 ths. km2 block is located in Di-Kar and Mutanna provinces, 120 km west of Basra, in the proximity of such major Iraqi oil fields as Rumaila and West Qurna.
In 2016, LUKOIL discovered the Eridu field, which is the most significant discovery in Iraq for the past 20 years.
In 2019, the company successfully completed testing of the 5th well as part of the appraisal phase at the Eridu field.