Iraq: Oil Production Lukoil Collaborates with Basra for Development Plan of West Qurna-2 Field
Both the companies aim at producing 480 thousand barrels of oil per day by 2020 and further increase it to 800 thousand barrels per day by 2025.
Iraq – Lukoil and the Basra Oil Company have recently signed a Development Plan of the West Qurna-2 field that provides for an oil production plateau of 800 thousand barrels per day. According to the Plan, the oil production of 480 thousand barrels per day will be reached in 2020 and 800 thousand barrels per day is expected in 2025.
These indicators will be achieved as a result of drilling and commissioning of new production and injection wells, construction and launching of oil treatment, storage and transportation facilities and facilities for gas treatment and power generation.
The experience acquired by the Company in the region, the existing infrastructure and cost compensation within the project development from the current production will ensure maximum efficiency for the implementation of the project. The parties noted that due to the agreements reached, Lukoil will remain one of the largest investors and employers in Iraq in the coming years.