IRAQ: Drilling begins at giant West Qurna Phase-2 oilfield where oil minister expects production to hit 500,000 barrels per day (bpd) in 2014

Record ID: 344179

  • Title: IRAQ: Drilling begins at giant West Qurna Phase-2 oilfield where oil minister expects production to hit 500,000 barrels per day (bpd) in 2014
  • Date: 26th April 2012
  • Summary: WEST QURNA OILFIELD, BASRA, IRAQ (APRIL 25, 2012) (REUTERS) WIDE OF OIL RIG IN WEST QURNA OIL FIELD IN SOUTHERN IRAQ'S PROVINCE OF BASRA MORE OF OIL RIG WITH SIGN OF LUKOIL COMPANY SIGN WHICH READS IN ARABIC "START DRILLING WELLS AND SET UP CENTRAL PROCESSING FACILITY IN WEST QURNA OILFIELD 2." OIL RIG IRAQ'S OIL MINISTER ABDUL-KAREEM LUAIBI ENTERING OIL RIG AND SITT
  • Embargoed: 11th May 2012 13:00
  • Keywords:
  • Location: Iraq, Iraq
  • Country: Iraq
  • Topics: Business,Industry,Energy
  • Reuters ID: LVABJL0I6EAWOYGML57LJI6X23M
  • Story Text: Production at Iraq's West Qurna Phase-2 oilfield is expected to hit 500,000 barrels per day (bpd) in 2014, Iraq's oil minister said on Wednesday (April 25), as drilling of the first oil well began.
    Iraq is expected to be the world's biggest source of new oil supplies over the next few years after signing contracts for big development projects with major oil companies. The giant oilfield in the south is managed by Russia's LUKOIL.
    "This is the first oil well out of 23 wells to be drilled as (part of) the first phase of developing the West Qurna 2 oilfield," Abdul-Kareem Luaibi told reporters while getting ready to climb a rig and press a button to start the drilling.
    Iraq's oil production had been held back by decades of war and sanctions, but officials say they now expect it to rise quickly.
    The head of state-run South Oil Co. said on Friday output from Iraq's southern oilfields was seen reaching 2.75 million bpd by the end of the year.
    LUKOIL sealed a 20-year deal to develop the virgin West Qurna Phase-2 oilfield in an auction in December 2009, pledging to boost output to a plateau target of 1.8 million bpd in six years.
    "Today, Iraq and Russia inaugurated the giant oilfield of West Qurna, one of the largest fields discovered in the world," said Sergei Nikiforov, Vice-President of Lukoil West Qurna-2 is the world's second-largest undeveloped field with recoverable oil reserves of around 14 billion barrels, according to LUKOIL.
  • Copyright Holder: REUTERS
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