facebook
twitter
rss
account
search
search
 

Iraq expected to boost Lukoil's oil production

July 1, 2013 at 7:03 AM   |   Comments

MOSCOW, July 1 (UPI) -- Developments in Iraq are expected to contribute to increases anticipated in overall oil production during the next decade, Russian oil company Lukoil said.

Lukoil Vice President Andrei Kuzyaev said in May his company plans to invest $4 billion to develop the West Qurna oil field in southern Iraq. The field, near the southern port city of Basra, is estimated to hold as much as 14 billion barrels of recoverable reserves, making it among the largest undeveloped fields in the world.

Lukoil said in a notice issued last week to investors the southern Iraqi oil field is expected to contribute to a slow and steady increase in overall oil production.

"We have already commenced development drilling and construction of an oil treatment plant at the gigantic West Qurna-2 field in Iraq," the company said.

Lukoil signed a 20-year contract in 2010 to develop West Qurna-1 alongside Iraqi state-owned North Oil Co. The Russian said the field should yield around 150,000 barrels of oil per day in the coming years.

Exxon, Chevron and French energy company Total operate the West Qurna-1 oil field.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
New National Security Cutter delivered to Coast Guard New National Security Cutter delivered to Coast Guard
2
First MT30 engine for Korean Navy frigates passes acceptance tests First MT30 engine for Korean Navy frigates passes acceptance tests
3
Boeing exploring collaboration with Danish firm to develop UAV Boeing exploring collaboration with Danish firm to develop UAV
4
Creator of 'Honey Badger Don't Care' brand sues for trademark infringement Creator of 'Honey Badger Don't Care' brand sues for trademark infringement
5
Anheuser-Busch not satisfied with the way NFL has handled recent incidents Anheuser-Busch not satisfied with the way NFL has handled recent incidents
Trending News
Video
x
Feedback