LUKoil, Russia’s largest private oil company, may start production at the giant West Qurna-2 oilfield in early 2014, according to a report from RIA Novosti.
“We will launch [production at the oilfield] at the end of 2013 or at the beginning of 2014,” company head Vagit Alekperov said on Wednesday.
The Russian company will invest about $4.5 billion in the project in the next three years.
“Oil production in Iraq will amount to 1.7 million barrels in 2017, while we will explore 600 wells [there]. Every well will give from five to six tons per day,” he also said.
In 2009, a consortium of LUKoil and Norway’s Statoil won a tender to develop West Qurna-2, but recent reports suggest that Statoil wants to sell its share to LUKoil.
(Source: RIA Novosti)