Lukoil extends its contract with the Iraqi government on the West Qurna-2

1/15/2013

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

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