Support The Moscow Times!

LUKoil Iraq

LUKoil expects that oil production in the West Qurna-2 project in Iraq will begin in 2014, CEO Vagit Alekperov said, Interfax reported.

"Production drilling has already begun at the deposit. The first industrial oil extraction volumes are expected at the beginning of 2014," Alekperov said. Peak oil production at the site should be 60 million tons a year, he said.

LUKoil had planned to start producing oil at West Qurna-2 at the end of this year.

The company's management has said it is seeking an Asian partner for the project to replace Statoil, which in 2011 transferred its 18.75 percent stake in the project to LUKoil. However, Alekperov said during a recent interview this may be unnecessary, as the project is now "economically effective."

LUKoil holds a 75 percent stake in the project, and Iraq's North Oil Company owns 25 percent.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.