Lukoil plans to double its investments in Iraq

 Lukoil has developed West Qurna 2 field in Basra province in southern Iraq and expects to begin commercial production of oil early 2014, a little late form the previous deadline late 2013.

Earlier this year, the company said that it will invest four billion dollars in the West Qurna-2, one of the giant fields in Iraq and the world, with reserves estimated at 12.9 billion barrels.

“Prime Minister Nuri al-Maliki discussed during a meeting at his residence in Moscow, with the head of the Russian company Lukoil, ways to boost oil investments in the country,” The government said in a statement received by “Shafaq News”.

Maliki discussed in Moscow, where he arrived yesterday, cooperation in the military and economic fields.

Maliki said that Iraq seeks to increase its oil production, expand its industries , the establishment of oil refineries and encourage companies to increase their investments in these areas.

He said that Lukoil Company is of the reliable companies that are respected by the Iraqi government and the Oil Ministry, welcoming efforts by the company to expand its investments in Iraq.

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.