LUKOIL Overseas (the Operator of LUKOIL's overseas upstream projects) has informed Iraq’s Ministry of Oil that it has fulfilled its contractual obligations for first commercial production at West Qurna-2. LUKOIL, the Operator of the West Qurna-2 project, successfully maintained an average daily production of at least 120 thousand barrels for 90 days, entitling it to […]
By John Lee. Lukoil have announced changes to their contract to work on West Qurna-2, following talks with the Iraqi Minister of Oil Abdul Kareem Luaibi. The new alteration expands the scope of the work to include the Tuba-Fao pipeline, as well as speeding up the process of cost recovery for investors. The Tuba-Fao pipeline […]
By John Lee. Lukoil boss Vagit Alekperov (pictured) has told journalists that production at the West Qurna-2 oilfield has reached 200,000 bpd, from a starting volume of 120,000 bpd two months ago. He added: "By the end of the year according to obligations 400,000 will be reached. Today there is no doubt that 400,000 will […]
By John Lee. Writing in Forbes, correspondent Christopher Helman has written an autobiographical study of Lukoil CEO Vagit Alekperov (pictured) and the company's long term ambition in developing the giant West Qurna 2 field in southern Iraq. Helman notes the stunning scale of the endeavor, which has spanned several decades including a deal with Saddam in 1997 […]
By John Lee. Russia's Lukoil is considering joining a joint venture with Russian state-owned exploration and production company Zarubezhneft to develop the Nassiriya oil field and help build an associated refinery. The next round of talks on the project with the Iraqi government is expected this summer, LUKoil CEO Vagit Alekperov (pictured) stated earlier, according […]
By John Lee. According to shipping data tracked by Reuters, oil exports from Iraq's southern terminals are heading for a record high in April. An average of 2.55 million barrels per day were shipped in the first 23 days of April, which if sustained would top February's 2.50 million bpd, the highest since 1979. Southern […]
LUKOIL has started a 2D seismic survey at Block 10 in the south of Iraq. 2000 linear kilometers of seismic surveys will be completed by the BGP Inc. geophysical company within 16 months. The Mandatory Geologic Exploration Program at Block 10 is scheduled to take five years with a potential 2-year extension and includes drilling […]
By John Lee. Iraq's giant oil field West Qurna 2, with a minimum 14 billion barrels of recoverable reserves, began production on Saturday as Lukoil opened spigots to put 140,000 barrels a day onto the market. By the end of the year the field is set to produce 400,000 bpd, putting Iraq on track for […]
Thales has been awarded a contract to provide an Integrated Security System (ISS) for the West Qurna-2 oil field development located 65 km northwest of Basra in Southern Iraq. This contract has been signed with LUKOIL Mid-East Ltd, a subsidiary of the Russian oil company LUKOIL. Thales will design and deploy the Integrated Security System […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Many countries impose capital gain tax on individuals, companies and corporations when a profit realized from the sale of assets. National and state legislation often has a large array of fiscal obligations […]
The Weir Group has announced it has signed a contract with LUKOIL to provide general maintenance services for the West Qurna-2 oilfield in Southern Iraq. The agreement, which is for two years and is estimated to be worth a total ofUS$98m (£59m), will see Weir engineers deliver mechanical, electrical, maintenance and pipeline services for the […]
By John Lee. China Petrochemical Corporation, also known as Sinopec, is still unable to participate in projects in central and southern Iraq four years after it acquired a project in northern Kurdistan, reports the Wall Street Journal. The company held talks with Russia's Lukoil about jointly developing the West Qurna-2 oil field, but Lukoil's chief […]
