Russia’s Lukoil to launch Iraqi West Qurna-2 deposit in spring

January 27, 2014

Russian oil major Lukoil has scheduled the launch of the Iraqi West Qurna-2 field for late March or early April, which will increase the company’s output 1.5% in 2014, CEO Vagit Alekperov said on January 24, Prime has reported.

“We think that the 2014 production growth will be ensured by the launch of West Qurna-2 which we have scheduled for the end of the first or beginning of the second quarter. We will grow by the traditional 1.5%,” Alekperov said.

Lukoil holds 75% in West Qurna-2, while Iraqi state-run North oil Company holds 25%. The field has around 14 billion barrels of recoverable oil reserves.

Alekperov does not expect oil prices to fall seriously.

“As regards the output amount, consumption rises by 1 million barrels annually. This trend will continue since South-East Asia is still developing. This is why I do not think that the oil price will plunge.”

Copyright: Prime, 2014