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

LukOil gets $1.5bn from West Qurna in 1H

By John Lee. In its latest Half Yearly Report, Russia’s Lukoil reports that in the first half of 2015, the Group accrued revenue from the West Qurna-2 project in the total amount of $1,535 million, consisting of cost recovery of $1,475 million and remuneration fee of $60 million, compared to the revenue of $1,179 million […]

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 […]

Unaoil Awarded West Qurna Gas Contract

The Basra Gas Company (BGC) has awarded UnaE&C Iraq, an engineering and construction subsidiary of Unaoil Group, a contract for the Rehabilitation of West Qurna Compressor Stations CS7 and CS8 at West Qurna, Iraq. BGC is a joint venture between state run South Gas Company (51%), Shell (44%) and Mitsubishi (5%). The project will enable […]

New Oil Grade boosts West Qurna II Output

By John Lee. Reuters reports that oil production at the West Qurna II oilfield is currently running at around 402,000 barrels per day. The news agency quotes Lukoil Overseas senior vice president, Gati Al-Jebouri (pictured), as telling at a conference in London that output is expected to rise to 420,000 bpd by the end of […]

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)