Russian Lukoil and Iraqi Basra oil companies have signed a new plan for the development of West Qurna-2 field in Iraq, providing for an oil rate-plateau at the level of 800,000 barrels per day, the Russian company said.
The document assumes reaching the level of 480,000 barrels per day in 2020 and 800,000 barrels per day in 2025. As Lukoil notes, these figures will be achieved through drilling and commissioning of new production wells and construction of facilities for the preparation, storage and transportation of oil and gas.
“The parties noted that thanks to the agreements reached, Lukoil will remain one of the largest investors and employers in Iraq in the coming years,” the report said.
As a reference, the West Qurna-2 deposit is located in the south of Iraq, 65 km from the city of Basra.