International Oil Companies: Lukoil

Lukoil logo 2Name: Lukoil

Based in: Russia

Lukoil is a major international vertically-integrated oil and gas company, accounting for 2.1 percent of global output of crude oil.

With oil and gas exploration and production projects in 14 countries, it has proven reserves of 17.4 billion boe as of December 31, 2013.

Fields in Iraq: West Qurna 2, Block 10

From the company’s website:

The largest of LUKOIL’s projects to ensure future growth of production is West Qurna-2, located in Iraq. Proved oil reserves (Group share) at the end of 2013 were 184 million barrels.

Production started on March 29, 2014. Total duration of the contract is 25 years. The target level for oil production is 1.2 million barrels per day, to be maintained for a period of 19.5 years.

For latest news on this company’s activities in Iraq please click here.

A full list of International Oil Companies (IOCs) operating in Iraq under licences granted by the Ministry of Oil in Baghdad can be found here.