Tag Archives | West Qurna

The latest West Qurna Oilfield News – Baker Hughes, contract, Shell, Lukoil, Russia, new oil wells and more – brought to you by Iraq Business News

Cabinet Approves 23 new Oil Wells

By John Lee. The Iraqi Council of Ministers has approved the expenditure needed to drill 23 oil wells in the West Qurna area. The drilling had been recommended by the Economic Ministerial Committe, and is to be carried out by the South Oil Company (SOC) and the Russian company Lukoil. (Source: AIN) (Oil drilling image […]

Lukoil “was asked to Reduce Iraq Output”

By John Lee. Russian oil company Lukoil was asked to “sharply reduce” output at West Qurna-2 this year, reports Reuters. Ravil Maganov (pictured), head of the company’s upstream division, told reporters: “We’ve got the letter to curb our enthusiasm … We were restricted to 250,000 barrels per day (bpd) due to weather and level of […]

LUKoil Confirms Commitment to Iraq

By John Lee. LUKoil President Vagit Alekperov had a meeting with Iraq’s Prime Minister, Haider al-Abadi, and the country’s Minister of Oil, Adel Abdul Mahdi, in Baghdad on March 22. The discussion focused on progress in the development of West Qurna-2 and the future of the field development. “Our company sticks to its plans to […]

LUKoil Seeks more Compensation Oil

By John Lee. LUKoil boss Vagit Alekperov (pictured) has reportedly threatened to cut investment in Iraq unless Baghdad offers more oil in return. The Iraqi government reimburses IOCs’ costs in physical shipments of oil. LUKoil is a partner in the West Qurna-2 project, and in the development of Block 10. (Source: Reuters)

Exxon in Talks Govt on Oil Payments

By John Lee. The Iraqi government has reportedly requested talks with Exxon Mobil to restructure oil agreements to help Iraq meet its near-term cash requirements. CEO Rex Tillerson (pictured) is quoted by Reuters as saying that “by and large we are current in our payments,” adding that any change would have to be beneficial to […]

West Qurna Adds $1.25bn to Lukoil Earnings

By John Lee. Lukoil‘s West Qurna-2 project in Iraq has added $1.25 billion to the company’s earnings in the third quarter. In a statement to the markets the company said: “The Group launched the “Mishrif Early Oil” stage on the West Qurna-2 field and reached the planned production of 120 thousand barrels per day in […]

West Qurna-2 Drives Growth at Lukoil

In the first 3 quarters of 2014, the production of marketable hydrocarbons at LUKOIL Overseas (the operator of LUKOIL’s international upstream projects) reached 70 million barrels of oil equivalent – a 44 percent year-on-year increase and a new record for LUKOIL’s upstream operations abroad. Oil production more than doubled to reach over 6.5 million tons […]

IOCs seek Independent Water Facilities

By John Lee. International oil companies (IOCs) in southern Iraq are seeking to push ahead with their own water injection facilities to meet production targets, according to a report from Platts. Malaysia’s Petronas, operator of the Gharraf [Garraf] oil field, is the latest to ask the Ministry of Oil for permission to build a standalone […]