Lukoil announces starting production in Qurna 2 field early 2014

Earlier this year, the Russian company said that it would invest four billion dollars in West Qurna field -2 in southern Iraq.

“We expect to produce our first commercial quantities of oil in 2014,” Kaberof said in a statement reported by Reuters, briefed by “Shafaq News”.

The company has signed a 20 years contract to develop the West Qurna field - 2 in Basra in 2010.

Lukoil share in West Qurna-2 has increased to 75 %, after the withdrawal of its Norwegian partner. The two companies won the contract to develop the field in 2009.

West Qurna field is considered of giant fields in Iraq and the world, with reserves estimated at 12.9 billion barrels.

The company agreed earlier this year with the Iraqi Oil Ministry to modify the terms of investment of West Qurna field (2), by reducing the production ceiling in the field, from 1.8 million to 1.2 million barrels per day.

It was also agreed to increase the duration of peak production to 19.5 years instead of 13 years, as well as extending the duration of the contract from 20 to 25 years.