Lukoil raises its oil production in Iraq
The West Qurna-2 oilfield in southern Iraq. Photo: Lukoil
Baghdad (IraqiNews.com) – An official in the oil sector in Iraq mentioned on Thursday that the Russian oil company Lukoil increased its oil production in the West Qurna-2 oilfield in southern Iraq by 80,000 barrels per day, Reuters reported.
With this increase, the West Qurna-2 oilfield now produces 480,000 barrels per day.
The official in the oil field said that production increased after 47 new wells were connected, adding that the production in the West Qurna-2 oilfield could reach 500,000 barrels per day in a short period if necessary.
The increase in Iraq’s oil production took place after Turkey stopped Iraq’s northern exports of 450,000 barrels per day through the Iraqi-Turkish pipeline.
Oil exports from northern Iraq have been suspended since March 25, following a ruling issued by the International Chamber of Commerce (ICC).
Iraq is waiting for a final response from Turkey regarding the resumption of oil exports from the Kurdistan region of Iraq to the Turkish port of Ceyhan.
The Iraqi Minister of Oil, Hayan Abdul-Ghani, said in mid-May that Iraq wanted to resume oil exports through the pipeline from the Kurdistan region in northern Iraq to the Turkish port of Ceyhan but was waiting for Turkey’s approval.
The Kurdistan Regional Government (KRG) mentioned in a previous statement that it is awaiting a final agreement between the federal government in Baghdad and the Turkish government to resume oil exports from Kurdistan.
The halt in Kurdistan’s oil exports led to the suspension of most of the region’s production of 450,000 barrels per day within weeks because of the limited storage capacity in the region.