LUKOIL to Begin Production in 2013

The LUKOIL-Statoil consortium could begin producing oil at the West Qurna-2 oil field in Iraq in 2013, LUKOIL Vice President Andrey Kuzyayev said. LUKOIL’s capital investments in the project could be as much as $3.7 billion, the Oil and Gas Information Agency reports.

LUKOIL President Vagit Alekperov said his company could increase investments in oil production in Russia and double production in its foreign projects. For the next three years, $3 billion has been allocated for LUKOIL’s foreign projects. K2K NEWS reports that LUKOIL intends to increase its oil and gas production to 446,000 barrels per day by 2015.

LUKOIL is currently involved in projects in West Africa, Venezuela and Saudi Arabia and is reviewing the possibility of beginning projects in Uganda and Kenya.

( Oil and Gas eurasia )

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