By John Lee. Russian oil company Lukoil was asked to "sharply reduce" output at West Qurna-2 this year, reports Reuters. Ravil Maganov (pictured), head of the company's upstream division, told reporters: "We've got the letter to curb our enthusiasm ... We were restricted to 250,000 barrels per day (bpd) due to weather and level of […]
Gazprom Neft, the operator of the Badra field development project, has received the first batch of Kirkuk grade oil from the Iraqi government. The crude oil has been given to the company in compensation for its investment in the field development. 500 thousand barrels (about 70 thousand tonnes) of oil was delivered in the first […]
Russia's Bashneft has completed field seismic surveys at Block 12 as part of the geological exploration programme approved by the Iraqi Ministry of Oil. The Oil Exploration Company, an Iraqi company specializing in geological and geophysical exploration, which won the open tender in the spring of 2014, has been employed as a contractor to conduct […]
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 […]
Gazprom Neft is to conduct a 2D seismic survey on the south-eastern section of the Halabja block. The technical equipment and personnel required for the survey are currently being transferred from the south-western section, where the company has already successfully completed a survey spanning 225 linear km. 2D seismic surveys covering approximately 870 linear km […]
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. The Iraqi Ministry of Defence has taken delivery of another consignment of Russian Mi-28NE attack helicopters. The shipment is part of a deal agreed in 2012, and reported to involve 28 Mi-35M and 15 Mi-28NE helicopters. IHS Jane's 360 reports that helicopters from the previous consignments have been seen flying over Baghdad, […]
By John Lee. Iraq and Russia are leading the global surge in oil exports despite a highly competitive market. This has maintained low prices not seen since 2009, with a February settlement for Brent Crude at $56.42 a barrel. Bloomberg reported record export data of 10.6 million barrels a day from Russia and 2.9 million bpd […]
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 John Lee. Iraq’s foreign minister, Ibrahim al-Jaafari, received the Russian Ambassador to Iraq, Elia Morganov, on Sunday. The two sides discussed issues of politics and security, including international efforts to support Iraq in its war against the Islamic State in Iraq and the Levant (ISIL). (Source: MoFA)
