Cumulative production at the West Qurna-2 field has reached 100 million tons of oil as part of successful implementation of Phase 1 of the project. With 184 wells drilled at the field, the average daily production rate is 400,000 barrels. Operator Lukoil said in a statement that, to manage the field's production, it uses "the […]
By John Lee. The President of Lukoil, Vagit Alekperov, has held a meeting with Prime Minister of Iraq Adil Abdul-Mahdi in Baghdad. The meeting was attended by the Russian Ambassador to Iraq, Maksim Maksimov. The parties discussed the current status of projects, among them the geological exploration at Eridu field (Block 10) in the south […]
Lukoil and Inpex Corporation have successfully completed testing of the fifth well as part of the appraisal phase at the Eridu field (Block 10) in the southern part of Iraq. The well recorded daily flow rate of more than 1,500 cubic meters of oil from the Mishrif formation and proved the current geological model of […]
Russian oil company Lukoil has commenced drilling of new production wells at West Qurna-2 field as part of the second development phase. The company has so far concluded contracts to drill 57 production wells, including 54 wells at Mishrif formation and 3 wells at Yamama formation. The drilling campaign will ramp up production at West […]
By John Lee. Russian Foreign Minister Sergey Lavrov has said that Moscow is very interested in increasing trade, economic and investment ties with Iraq. Following a meeting on Wednesday with Iraqi Foreign Minister Mohamed Ali Alhakim, he said: "In the field of investment, especially in the hydrocarbon sector, there is a very good result. Lukoil, […]
Russia's Lukoil has successfully completed testing of the fourth well as part of Eridu field (Block 10) appraisal phase in the south of Iraq. The testing resulted in the commercial flow of dry crude oil that proves the current geological model of Eridu field as effective. Lukoil continues geological exploration at Block 10. For instance, […]
By John Lee. Russia's Lukoil will start production at Block 10 in 2021, according to a report from Platts. The Chinese company Bohai has started to drill the 4th well at the block in southern Iraq. In February 2017 Lukoil announced Iraq's largest discovery of oil for twenty years at the Eridu field in Block 10, […]
Canadian-based SNC-Lavalin (TSX:SNC) has announce that it has been awarded a framework agreement for project support services with LUKOIL Mid-East for the West Qurna phase 2 oil field in Iraq. Christian Brown (pictured), President, Oil & Gas, SNC-Lavalin, said: “We continue to build on our long-term relationship with LUKOIL and to help them realize their […]
By John Lee. Russian oil company Lukoil has published tenders for two projects at its West Qurna-2 oilfield: Decentralised Water Injection Facilities - click here for more information; Gas Turbine Power Plant Expansion - click here for more information. Interested companies have until 23rd July to apply for documents, and bids will be accepted until […]
LUKOIL and the Basra Oil Company (BOC) signed a Development Plan for the West Qurna-2 field that provides for an oil production plateau of 800 thousand barrels per day. According to the Plan, the oil production of 480 thousand barrels per day will be reached in 2020 and 800 thousand barrels per day is expected […]
By John Lee. Iraq's Ministy of Oil has awarded all four development projects, and two of the seven exploration blocks, that it offered in its fifth auction of oil licences. Only nine of the 26 companies originally pre-qualified took part in the auction, with majors such as Lukoil (Russia), ExxonMobil (US) and Total (France) not bidding. Development […]
By John Lee. Russian oil company Lukoil has said that lower volumes of compensation crude oil from the West Qurna-2 project in Iraq had "a negative impact on EBITDA dynamics". In its audited consolidated financial statements for the full year of 2017, it added that net of this project, EBITDA increased in 2017 by 17.8 […]
