Lukoil President Vagit Alekperov met in Baghdad with Iraqi Oil Minister Abdul Kareem al-Luaibi to sign contract revisions.
The addendum for the so-called Tuba-Fao pipeline system calls for the construction of two 75-mile long pipelines and associated infrastructure. The system will link the oil field to an export terminal in Basra, situated along the coast of the Persian Gulf.
"The construction of the Tuba-Fao Pipeline will provide for a direct connection between the West Qurna-2 field and the country's largest export terminal, creating opportunities for further production growth from the field," Alekperov said in a statement Thursday.
First oil was produced from West Qurna-2 in March. It has since reached a daily production reach of 120,000 barrels and has an estimated 34 billion barrels worth of recoverable reserves.
Lukoil has an agreement in place with the Iraqi Ministry of Industry to estimate the prospects for building a plant that would utilize gas associated with the oil field.
Notable deaths of 2014 [PHOTOS]