"The West-Qurna-2 project is developing at a fast pace, and production is going up," the company said in a statement.
Lukoil, which serves as operator at the oil field, said it's maintained a steady level of production of at least 120,000 barrels per day for the last 90 days. Currently, daily oil production is above 200,000 bpd, the company said.
"As of today, the project has reached another milestone by paving the way for LUKOIL to receive contractual remunerations," the Lukoil statement said.
First oil was produced from West Qurna-2, located in southern Iraq, in March. Lukoil, Russia's largest private oil company, signed a contract revision last week to build 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.