By John Lee.
Writing in Forbes, correspondent Christopher Helman has written an autobiographical study of Lukoil CEO Vagit Alekperov (pictured) and the company’s long term ambition in developing the giant West Qurna 2 field in southern Iraq.
Helman notes the stunning scale of the endeavor, which has spanned several decades including a deal with Saddam in 1997 which never came into fruition because of sanctions.
The piece is titled a little too sensationally for this IBN blogger, noting the current “chaos” in Iraq which is indisputable in parts of the center and west of the country.
However, the situation in Ninewa, Diyala and Al Anbar which Helman describes is very different from that of West Qurna 2, located hundreds of miles away in the comparatively calm south.
Aside from that, it is an informative piece about an incredible endeavor, taking a wider geopolitical view. With 120,000 bpd initial production and a potential production capacity of 1.2 million bpd, the story of West Qurna 2 is something to behold.
The field has an estimated 20 billion barrels of estimated recoverable reserves, something Alekperov described as having vital strategic importance to Lukoil. Read the whole piece here.