The Federal Government of Iraq has announced that Lukoil has planned to double its investments in oil projects in the country
The Russian energy company expects commercial production to begin at the West Qurna-2 oilfield onshore Basra, situated in southern Iraq, in early 2014.
Earlier this year, the company said that it would invest US$4bn in the West Qurna-2, which has reserves estimated at 12.9bn barrels.
A statement from the Iraqi Oil Ministry stated, “Prime Minister Nuri al-Maliki discussed, with the head of Lukoil, on ways to boost oil investments in the country.”
Al-Maliki, currently in Moscow, said that Iraq seeks to increase its oil production, establish oil refineries and encourage companies to increase their investments in the country.
According to company sources, Lukoil had signed a 20-year contract to develop the West Qurna-2 in 2010.
The company also agreed earlier this year with the federal Oil Ministry to modify the terms of investment of West Qurna-2, by reducing the production ceiling in the field from 1.8mn bpd to 1.2mn bpd.
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