BAGHDAD, Oct. 15 (UPI) -- Conditions are right to move ahead with further development of the West Qurna oil field in Iraq, the director of Russia's Lukoil said Wednesday from Baghdad.
Iraqi Oil Minister Adil Abdul Mahdi hosted Lukoil President Vagit Alekperov at his Baghdad office to discuss commitments to raise output from the West Qurna field.
First oil was produced from West Qurna, located in southern Iraq, in March. Lukoil, Russia's largest private oil company, signed a contract revision in June to build two 75-mile pipelines and associated infrastructure.
Lukoil said West Qurna is producing more than 280,000 barrels of oil per day. The Oil Ministry said production could hit the 400,000 bpd mark by the beginning of next year.
Alekperov said that, so far, his company has invested $6 billion dollars on operations in Iraq.
"I believe the appropriate circumstances were made for investing in Iraq that guarantees the rights of the investors," he said.
Lukoil in August shipped its first batch of one million barrels from West Qurna from the southern Iraqi port city of Basra.
The shipment came as Iraq struggles to control an uptick in violence, though most of that is centered in the northwest and Kurdish parts of the country.
