Tag Archives | West Qurna 2

Lukoil to submit West Qurna-2 Plan by end-Dec

By John Lee. Russian oil company Lukoil has said it will present its plans t0 develop the West Qurna 2 oil field to the Ministry of Oil by the end of the month. Company boss Vagit Alekperov (pictured) told reporters that his company is negotiating regarding production volumes, timelines, and investment. (Source: TASS)

LUKOIL completes 3D Seismic Survey at West Qurna-2

Russia’s LUKOIL has reported that it has completed a field 3D seismic survey at West Qurna-2 field. The survey covered an area of about 450 square kilometers. The Company has fulfilled all of its contractual obligations to the Ministry of Oil of Iraq. The high-quality seismic data obtained are required for the updating of the […]

Lukoil to Increase Production at West Qurna

By John Lee. Russia’s Lukoil is looking at different ways to increase oil production at West Qurna-2 from the current level of 400,000 barrels per day to 1.2 million bpd. The company’s vice president in the region, Gati Al Jebouri [Gati Saadi Al-Jebouri] (pictured), told Gulf News: “Going forward, we are in discussions with Iraqi […]

Lukoil to Invest $1.5bn in West Qurna-2 this year

By John Lee. Lukoil boss Vagit Alekperov (pictured) told reporters on Monday that investment in the West Qurna-2 oil field is estimated at $1.5 billion in 2017. He said the company has already been compensated for about $6 billion of historical costs, adding that he expects to negotiate a revised contract with Iraq with the […]

Lukoil updates on West Qurna-2

By John Lee. In its third-quarter and nine-month results announced on Monday, Russia’s Lukoil reports that its capital expenditures for the first nine months of 2016 were 19.1 percent lower than in the corresponding period of 2015. This decrease partly attributed to moving to the maintenance oil production stage at the West Qurna-2 project in […]

Emerson Expands Support Facility in Iraq

US-based technology and engineering company Emerson has officially opened its expanded facility in Al Majal Business Park in North Rumaila. The company moved from its existing facility in Albradheya, Basrah to the new facility to increase its capabilities and address the needs of its continuously expanding installed base. The Al Majal facility will serve as […]

Lukoil Lobbies for more favourable Contract

By John Lee. Oil Minister Jabar Ali al-Luaibi (Allibi) met the President of Russia’s Lukoil, Vagit Alkpirov [Alekperov], at the his office on Sunday. The Minister confirmed plans to develop the production and investment gas this year and next year, at called for Lukoil to participate in new projects to be started next year. Mr […]

Oil Companies trim Investments in Iraq

By John Lee. Major oil companies including BP, Shell and Lukoil are reported to be cutting investment in Iraq. “You’re going through difficult months,” said Ariel Flores, general manager of the BP-led Rumaila Operating Organization (ROO) told the Wall Street Journal. “You slow down and you make decisions to pause efforts.” Rumaila oil field now […]

LukOil Attributes Higher Production to West Qurna-2

By John Lee. Russian oil company Lukoil has announced that, in the first quarter of 2016, the Group received 2.6 million tonnes of compensation crude from Iraq’s state-owned South Oil Company as cost compensation within the West Qurna-2 project (in the first quarter of 2015, the Group received 2.3 million tonnes of compensation crude oil). […]

Oil Companies Warn of Development Delays

By John Lee. A senior Iraqi oil official has told Reuters that international oil companies (IOCs) have warned of delays to projects to increase its crude oil output if the Iraqi government insists on drastic spending cuts this year. Investments by IOCs are repaid with crude oil, which has become a problem since oil prices […]

Lukoil Updates on West Qurna 2

In its Third Quarter results published today, Lukoil has given the following update on its operations at the West Qurna-2 oilfield: On December 12, 2009, a consortium of a Group company and Statoil won the tender for development of the West Qurna-2 field in Iraq, one of the largest crude oil fields discovered in the […]

PM Reassures Lukoil amid Protests

By John Lee. During a visit to the West Qurna II oilfield in Basra, Prime Minister Haider al-Abadi reiterated his government’s commitment to ensuring the security of the southern oilfields and their workers. He met with senior management of the Russian operator Lukoil, following protests by locals demanding jobs. A Lukoil official told Reuters that […]