Arab Today, arab today lukoil may start oil production in iraq in 2014
Last Updated : GMT 14:14:26
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Arab Today, arab today

LUKoil may start oil production in Iraq in 2014

Arab Today, arab today

Arab Today, arab today LUKoil may start oil production in Iraq in 2014

Perm - Ria Novosti

Russia\'s largest private oil company LUKoil may start production at the giant West Qurna-2 oilfield in Iraq in early 2014, company head Vagit Alekperov said on Wednesday. \"We will launch [production at the oilfield] at the end of 2013 or at the beginning of 2014,\" Alekperov said. The Russian company will invest about $4.5 billion in the project in the next three years, while overall volume of investment stands at $27 billion. \"Oil production in Iraq will amount to 1.7 million barrels in 2017, while we will explore 600 wells [there]. Every well will give from five to six tons per day,\" he also said. In 2009, a consortium made up of LUKoil and Norway\'s Statoil won a tender to develop one of the world\'s largest oilfields, West Qurna-2, with recoverable reserves estimated at 12.9 billion barrels of oil. LUKoil planned to launch production at the field in 2013.

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