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Lukoil expected in Iraq for oil talks

Jan. 17, 2013 at 8:23 AM
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MOSCOW, Jan. 17 (UPI) -- Russian energy company Lukoil aims to count production from the West Qurna-2 field in southern Iraq as part of its overall gains, an executive said.

Vagit Alekperov, chief executive officer of oil company Lukoil, was scheduled Thursday in Iraq to discuss output from the West Qurna-2 field. The company is looking for new partners in the area after Norwegian major Statoil left the project.

"We aren't just interested in money, but the long-term sales of our products," Alekperov was quoted by Bloomberg News as saying. "An attractive partner for us would be China, where there is stable demand growth."

Norwegian energy company Statoil transferred its 18.75 percent stake in West Qurna-2 to Lukoil last year.

Alekperov in Baghdad may seek to extend the terms of the contract for West Qurna by five years after Iraqi officials called on his company to cut output, Bloomberg reports.

Project partners had expected a production level of 1.8 million barrels of oil per day by 2017. Alekperov said his company expects slight gains from its production base this year.

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