By John Lee.
The Chairman of Russia’s LUKoil, Vagit Alekperov, has signed an amendment to the contract to develop the West Qurna-2 oil field with the South Oil Company (SOC).
According to the amendment, the 18.75 percent share of the project formerly owned by the Norwegian company Statoil is to be taken over by LUKoil, bringing the latter’s share to 75 percent.
Peak production targets are also to be cut from 1.8 million bpd to 1.2 million bpd, but are to be sustained for 19.5 years rather than 13 years, while the total contract period is to be extended from 20 to 25 years.
(Source: Ministry of Oil)