By John Lee.
Lukoil Chief Executive Officer Vagit Alekperov (pictured) has said that the Russian company expects to produce around 150,000 bpd of oil from the West Qurna-2 field by January:
"The program of developing the oilfield infrastructure is proceeding according to schedule and work is ongoing at all the sites ... From 1st January we will be ready to produce 150,000 barrels per day."
According to the report from UPI, the field is estimated to hold as much as 14 billion barrels of recoverable reserves, making it among the largest undeveloped fields in the world.
Lukoil has a 75 percent stake in the project, with Iraq’s South Oil Company (SOC) owning the remaining 25 percent.