Tag Archives | LUKoil

China to Snap Up Iraqi Oil Assets?

By John Lee. Both BP and Lukoil are reported to be considering quitting upstream oil operations in Iraq. Reuters quotes Iraq's Oil Minister, Ihssan Abdul-Jabbar Ismail, as making the comments during a parliamentary session last week. Last month, BP was said to be planning to spin off its Iraqi operations in Iraq into a separate […]

Lukoil paid over $60m to Iraqi Govt in 2020

By John Lee. Russian oil company Lukoil has published details of its payments made during the financial year ended 31 December 2020 in favor of the government of Iraq: The Dhi Qar Oil Company (DQOC) [Thiqar Oil Company] received 1,963 million Russian Rubles [$26.9 million] in respect of the Block 10 field; The General Commission […]

LUKoil announces Plans for Iraq's Block 10

By John Lee. The head of Russia's LUKoil has said that the company plans to start production at Iraq's Block 10 at the end of 2022 or in 2023. Vagit Alekperov (pictured) told a Reuters that output will start at 30,000 barrels per day (bpd). The field is being developed by LUKoil (60%) and Inpex […]

Increasing Oil Production at West Qurna 2

By John Lee. Iraq's Oil Minister, Ihssan Abdul-Jabbar Ismail, has announced the start of experimental operations at the Yamamah reservoir in the West Qurna 2 oil field, with the aim of increasing output from the reservoir from 10,000 barrels per day (bpd) to 350,000 bpd. When fully implemented, the development would bring total production at […]

Russian Oil Firm to Finance Nassiriyah Development

By John Lee. The Dhi Qar Oil Company (DQOC) has reportedly said that Litasco, the international marketing and trading company of Russia's LUKOIL, will finance the doubling of capacity at the Nassiriyah oil field from 100,000 barrels per day (bpd) t0 200,000 bpd. The project includes a 42-kilometer pipeline, and will be a joint venture […]

Lukoil and Iraqi PM discuss Cooperation

The Prime Minister of Iraq, Mustafa Al-Kadhimi, and Iraqi Oil Minister Ihsan Abdul Jabbar Ismail, received a delegation from LUKOIL on Monday, headed by its President Vagit Alekperov (pictured). The meeting was also attended by the Russian Ambassador Maxim Maximov. The parties discussed the progress of the West Qurna-2 project and Eridu field (Block-10), as […]

Key Speakers to address Iraq Petroleum Virtual Event

Iraqi Government and Oil and Gas Industry Thought Leaders to Speak at Iraq Petroleum Virtual Event Annual Conference set to navigate the future of the oil and gas industry in Iraq Conference will include online conference sessions available live and on demand for all attendees Delegates will gain insights into the latest policy and project […]

Oil Minister meets with Chinese and Russian IOCs

By John Lee. The director of the China National Offshore Oil Corporation (CNOOC) has presented his company's plans for the development of the Bazergan [Buzurgan] oil field in Maysan to Iraq's Oil Minister Ihsan Abdul-Jabbar. In a separate meeting on Wednesday, the Minister also received the CEO of Lukoil in Iraq, Igor Zubarev, who gave […]

Coronavirus causes Staffing Problems for Lukoil in Iraq

By John Lee. Lukoil is reportedly having difficulties staffing its operations in Iraq due to coronavirus and associated restrictions. Interfax cited chief executive Vagit Alekperov (pictured) was quoted as saying that the company has a problem with replacing shift workers, adding, "We are reaching deals with people to keep them on for shifts that are […]

Russia may Triple Investment in Iraqi Oil

By John Lee. Investment by Russian oil and gas companies in Iraq may increase three-fold, according to a report by Tass. It quotes Russian politician Yury Fedorov [Nikolay Vasilyevich Fyodorov] as telling the Iraqi Ambassador to Russia, Abdul-Rahman Al-Husseini, that the total investment in Iraq by companies such as Lukoil, Bashneft and Gazprom Neft has […]

The Future of Iraq’s Oil Is Russian

By Vera Mironova and Mohammed Hussein, for Foreign Policy. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. With ongoing protests making other investors nervous, Moscow is charging ahead. Despite ongoing protests in Baghdad, which have seen the departure of many foreign diplomats for […]