IRAQ: Russia's Lukoil begins commercial production from a large Iraqi oilfield

Record ID: 344452

  • Title: IRAQ: Russia's Lukoil begins commercial production from a large Iraqi oilfield
  • Date: 29th March 2014
  • Summary: BASRA, IRAQ (MARCH 29, 2014) (REUTERS) WEST QURNA-2 OILFIELD VARIOUS OF FACILITIES ROAD SIGN READING "LUKOIL" AND ANOTHER SIGN IN BACKGROUND READING "WEST QURNA-2 OIL FIELD" FLAME WORKERS VARIOUS OF REFINERY IRAQI OIL MINISTER ABDUL KAREEM LUAIBI, RUSSIAN REPRESENTATIVE, AND IRAQ'S DEPUTY PRIME MINISTER FOR ENERGY HUSSEIN AL-SHAHRISTANI STANDING ON STAGE INSIDE HALL WITH "LUKOIL" ON WALL BEHIND AUDIENCE/ IRAQI AND RUSSIAN FLAGS IRAQ'S OIL MINISTER ABDUL KAREEM LUAIBI ON STAGE DELIVERING SPEECH (SOUNDBITE) (Arabic) IRAQI OIL MINISTER ABDUL KAREEM LUAIBI, SAYING: "We started an initial production of the field at 120,000 bpd and it will increase to 400,000 before the end of the year. The output of the field will help increase Iraq's oil production to 4 million bpd before the end of the day." RUSSIAN REPRESENTATIVE AND IRAQI MINISTER IN AUDIENCE BASRA, IRAQ (MARCH 29, 2014) (ORIGINALLY 4:3) (REUTERS) LUAIBI, AL-SHAHRISTANI , AND RUSSIAN OFFICIALS PUSHING BUTTON TO LAUNCH PRODUCTION
  • Embargoed: 13th April 2014 13:00
  • Keywords:
  • Location: Iraq
  • Country: Iraq
  • Topics: Industry,Energy
  • Reuters ID: LVADWKP8C6I8BHLWV9GBH82F375E
  • Story Text: Russia's Lukoil on Saturday (March 29) began commercial production from one of the world's largest untapped oilfields in Iraq , as the country raises output to record levels.
    Production from the giant West Qurna-2 is eventually expected to reach 1.2 million barrels per day (bpd), from an initial 120,000 bpd.
    The field is one of several that form the backbone of Iraq's plans to revive its oil sector and lift the economy after decades of sanctions and war.
    At a ceremony to inaugurate the field, Iraqi Oil Minister Abdul Kareem Luaibi said output from West Qurna-2 would enable Iraq to reach a production target of 4 million bpd by the end of the year.
    Output from Iraq, already the second-largest producer in OPEC, averaged 3.5 million bpd in February.
    The launch of West Qurna-2, with recoverable reserves estimated at around 14 billion barrels, will allow Lukoil, which holds a 75-percent stake in the field, to more than double its overseas output.
    Russia's number two oil producer saw its production rise 1.1 percent last year and is aiming for a 1.5 percent rise this year with the boost from West Qurna-2.
    The world's leading oil companies have been expanding other giant fields in Iraq's south - Rumaila led by BP, West Qurna-1 run by Exxon and Zubair operated by Eni - since 2010 when they signed a series of service contracts with Baghdad.
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