Lukoil pumps first oil at Iraq’s West Qurna-2
BY STEPHEN BIERMAN
MOSCOW (Bloomberg) -- OAO Lukoil, Russia’s second-largest oil producer, pumped the first oil from the West Qurna-2 project in Iraq and expects to start sales this year, helping the war- ravaged nation expand output and rebuild its energy industry.
Well 139, completed by U.S. contractor Baker Hughes Inc., produced high-quality light oil following perforation, Lukoil’s overseas arm said in its corporate magazine.
Iraq overtook Iran last year as the Organization of Petroleum Exporting Countries’ second-largest crude exporter after Saudi Arabia, as it recovers from years of war. Output from West Qurna-2, one of the nation’s largest oilfields, will increase to 400,000 barrels a day by the end of 2014, Lukoil CEO Vagit Alekperov said last month.