Iraq signs agreement with Lukoil to increase West Qurna-2 oilfield production
The West Qurna-2 oilfield in southern Iraq. Photo: Lukoil
Baghdad (IraqiNews.com) – The Russian oil company, Lukoil, said on Thursday that it signed an agreement with Iraq to improve conditions in the West Qurna-2 oilfield and extend a service contract for ten years.
Lukoil explained that the agreement will gradually double the production capacity of the oilfield.
The West Qurna-2 oilfield is located in the southern part of Iraq, 65 kilometers northwest of Basra, and is considered one of the largest oilfields in the world.
According to company data, the primary recoverable reserves in the oilfield are about 14 billion barrels.
In December 2009, Lukoil was awarded a contract to develop the West Qurna-2 oilfield. Commercial oil production began in the oilfield in March 2014.
In June 2023, Lukoil increased the oilfield’s production capacity by 80,000 barrels per day to have a total production capacity of 480,000 barrels per day, representing ten percent of Iraq’s oil production and 15 percent of Iraq’s oil exports.
An official in the oilfield clarified earlier that the production in the West Qurna-2 oilfield could reach 500,000 barrels per day in a short period of time if necessary.