By John Lee. LUKoil President Vagit Alekperov had a meeting with Iraq’s Prime Minister, Haider al-Abadi, and the country’s Minister of Oil, Adel Abdul Mahdi, in Baghdad on March 22. The discussion focused on progress in the development of West Qurna-2 and the future of the field development. “Our company sticks to its plans to […]
By John Lee. LUKoil boss Vagit Alekperov (pictured) has reportedly threatened to cut investment in Iraq unless Baghdad offers more oil in return. The Iraqi government reimburses IOCs' costs in physical shipments of oil. LUKoil is a partner in the West Qurna-2 project, and in the development of Block 10. (Source: Reuters)
LUKOIL has finished its 2D seismic survey at Block 10 in southern Iraq. The seismic survey began in April 2014 and covered 2,000 linear kilometers. It was completed according to the highest standards six months ahead of schedule. The acquired seismic data will be processed and interpreted to identify promising sites for exploration drilling. The […]
By John Lee. Lukoil's West Qurna-2 project in Iraq has added $1.25 billion to the company's earnings in the third quarter. In a statement to the markets the company said: "The Group launched the "Mishrif Early Oil" stage on the West Qurna-2 field and reached the planned production of 120 thousand barrels per day in […]
In the first 3 quarters of 2014, the production of marketable hydrocarbons at LUKOIL Overseas (the operator of LUKOIL's international upstream projects) reached 70 million barrels of oil equivalent – a 44 percent year-on-year increase and a new record for LUKOIL's upstream operations abroad. Oil production more than doubled to reach over 6.5 million tons […]
By Patrick M Schmidt. The Dubai-based division of the Russian oil company, Lukoil announced revise production figures for the West Qurna-2 fields. The company began production in March 2014 with an output of approximately 120,000 barrels of oil per day. Current production levels are now at 300,000 barrels of oil per day. It is expected […]
By John Lee. Lukoil President Vagit Alekperov has said that his company has invested $6 billion dollars so far on operations in Iraq. At a meeting with Iraqi Oil Minister Adel Abdul-Mahdi [Adil Abd al-Mahdi] in Baghdad, Alekperov said: "Lukoil is now working on geological exploration projects with other foreign companies in the 10th exploratory area […]
By John Lee. Lukoil president Vagit Alekperov (pictured) is to meet Iraq's Minister for Oil, Adel Abdul-Mahdi [Adil Abd al-Mahdi], to discuss the expansion of the company's operations in the country. The head of the Russian oil company told journalists: "I will be in Baghdad on October 13 to meet the oil minister. I hope, […]
The Sea Triumph, an oil carrier chartered by LITASCO (LUKOIL's international marketing and trading arm) has departed the port of Basra in Southern Iraq with the first batch of oil as part of the recovery of LUKOIL's costs from the West Qurna-2 project. The shipment volume amounts to 1 million barrels of oil. The vessel […]
A crude carrier chartered by LITASCO (LUKOIL's international marketing and trading arm) arrived today (Wednesday) in South Iraq's port of Basra to receive the first batch of oil as part of the recovery of LUKOIL's costs from phase one (“Early Oil”) of the West Qurna-2 project. The vessel will spend several days in the port […]
By John Lee. Ravil Maganov (pictured), who oversees Lukoil's exploration and production, has said total investment in the West Qurna-2 field was expected to exceed $30 billion. At its peak in 2019, he said he expects oil production at the field to hit 1.25 million bpd. The world's second-largest undeveloped field, with recoverable oil reserves of around […]
By John Cookson. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Traders will tell you the price of oil is a speculative market based on expectations. Most of Iraq's oil production is from the mega fields in the south, far from any fighting. But […]
