Russia's Lukoil officially launched production at the giant West Qurna-2 oilfield in Iraq on Saturday. The firm’s president, Vagit Alekperov, announced during the launch ceremony that a target production level of 120,000 barrels per day from the field was reached on March 28.
The launch ceremony was also attended by Deputy Prime Minister of Iraq Hussain al-Shahristani and Russian Deputy Prime Minister Arkady Dvorkovich, as well as members of the Iraqi government, Basra province authorities and representatives of major contractors.
The service contract between Lukoil and the Iraqi government requires that the 120,000 bpd production level must be maintained for 90 days before the firm begins to receive a return on its investment.
West Qurna-2 – one of the largest oil fields in the world – is located in southern Iraq, around 40 miles from the town of Basra. Lukoil estimates the field has 35 billion barrels of oil reserves in two main formations: Mishrif and Yamama.
Lukoil's Alekperov commented in a company statement:
"The start of production at West Qurna-2 is strategically important for Lukoil. Starting up the field on a tight schedule and reaching the target production level underscores Lukoil's ability to independently and efficiently manage the implementation of complex large-scale projects and reinforces our position as a global energy company."
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