Russia's Lukoil and Norway's Statoil have started issuing tenders for the multibillion project to develop Iraq's supergiant West Qurna Phase 2 oil field in southern Iraq, a person familiar with the plans said Sunday, as reported by Reuters. The "first tender is a 3D seismic survey at the field", the person said. A second tender […]
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The latest West Qurna Oilfield News – Baker Hughes, contract, Shell, Lukoil, Russia, new oil wells and more – brought to you by Iraq Business News.
According to a report from Bloomberg, OAO Lukoil, Russia’s largest non- state oil producer, allocated $5 billion to finance the West Qurna-2 project in Iraq. The funds were provided as a loan to its Lukoil Mid-East Ltd. unit exclusively for the Iraq project, spokesman Dmitry Dolgov said. The loan matures at the end of 2030, […]
Iraq expects crude output from its southern oilfields, Rumaila, Majnoon and West Qurna Phase One, to reach about 2.1 million barrels per day (bpd) by the end of this year, the head of South Oil Company (SOC) said yesterday.
Development of Iraq's oilfields by foreign oil companies is progressing swiftly despite the lengthy process of government formation after Iraqi elections in March, a senior Statoil executive said on Tuesday.