Lukoil began production of Iraqi oil

One of the largest private Russian oil companies Lukoil began the process of drilling at West Qurna-2, which is in Iraq. Experts say that by the end of next year, daily oil production in the region by Russian specialists will be 150,000 barrels. 
"On Wednesday we started drilling wells and installation of equipment for the processing of oil. According to our calculations, by the end of 2013 will bring the facility up to 150,000 barrels of oil per day ", — told the press director of Lukoil's Alekperov.

At a ceremony marking the beginning of operation of the new Iraqi fields, Oil Minister Abdelkarim local Lueybi said he believes the production at West Qurna-2 about 500,000 barrels a day is quite possible, and, in his opinion, this can be achieved by 2014.

According to Lukoil, the field has 14 billion barrels of oil.


Today LUKOIL began exploratory drilling and the construction of key production facility — the oil treatment — at West Qurna-2 field in Iraq.

In a solemn ceremony to mark these events, attended by Iraqi Oil Minister Abdelkarim Lueybi, leaders of the province of Basra, Iraq's South Oil Company "LUKOIL Overseas" and the main contractor companies — Baker Hughes and Samsung

The project involves the construction of drilling 23 directional wells. Drilling will be conducted simultaneously at 5 well pads latest diesel-electric installations carrying capacity of 450 tons, which allow to drill up to a depth of 5,000 meters without reinstalling equipment. Install specially modified for the rapid movement within the pad under the scheme cluster slider rig. Further drilling will be conducted by another 4 cluster sites similar installations.

Oil processing unit will be built in a complex arrangement of objects with well pads and oil gathering lines, as well as systems for water and energy, shift camp and a number of other infrastructure and support facilities. 

"Today started the active phase of the field development. Reaching the level of production of 150 thousand barrels per day, Lukoil will be entitled to reimbursement of expenses and remuneration. After the recovery of the initial project cost will go to the self-financing. Total investment in the full-scale implementation of the project will amount to about 25 billion dollars ", — said the President of OAO" LUKOIL "Alekperov.

West Qurna-2 FTA with the participation of Soviet geologists in 1973, is the second-largest undeveloped fields with recoverable reserves of about 14 billion barrels. The deposit area — 340 square meters. km, it is located in the south of Iraq, 65 kilometers north-west of the major port city of Basra. The contract for the development and production at West Qurna-2 for a period of 20 years, renewable for 5 years was signed on 31 January 2010. The proportion of participants in the project: LUKOIL — 56.25% and the Iraqi state
NorthOilCompany — 25% StatoilASA — 18.75%.


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