Lukoil extends its contract with the Iraqi government on the West Qurna-2
BY ANDREY OSTROUKH
MOSCOW -- Lukoil is looking at new initiatives in West Africa and on a Brazilian shelf and further plans to extend its contract with the Iraqi government on the West Qurna-2 project by five years.
The company estimates that output at the West Qurna-2 oil field will reach 1.2 MMbopd instead of 1.8 MMbopd predicted in an initial estimate. The revision could prolong the production period to 19 years from 12-13 years projected earlier.
Lukoil will channel $10.76 billion of investment into its existing shelf projects by 2021, 180 million of which has been already invested.
Dow Jones Newswires