Lukoil reports 437,000 barrels of oil per day from West Qurna-2 in July - company

MOSCOW, August 11. / TASS / Russian oil major Lukoil has reported that is has exported 437 000 barrels of oil from West-Qurna 2 oil deposit in Iraq in during the month of July, Lukoil Overseas said in a corporate publication. The southern oil region of Iraq has set a record for the export of oil through the Persian Gulf ports of 3.064 million barrels per day. In June, sales totaled 3.02 million barrels per day. According to the management of the state South Oil Company, the increase of the level of export will continue at least until the end of the year. Lukoil as the operator of the field, West Qurna-2 provides about one seventh of the total export of the South oil, said the publication. On July 25, Lukoil’s company’s vice-president Ravil Maganov said that Lukoil will reach the maximum level of oil production volume in West Qurna-2 field in Iraq in 2022. "In mid-2015 the output in the field reached 400,000 barrels a day. The maximum daily production volume of 1.2 mln barrels is planned for 2022," - he said. On June 24, Lukoil’s president Vagit Alekperov said that the company plans to reach the maximum oil production volume in West Qurna-2 field in the coming month. According to him, Lukoil has created conditions in Iraq to produce 450,000 barrels of oil per day on West Qurna-2. Currently, the company’s daily production amounts to 430,000 barrels per day, he said. "We are ready to reach the production level of 450,000 barrels," - Alekperov said. Earlier Alekperov said in an interview with Rossiya 24 TV channel that Lukoil expects its West Qurna-2 project to break even by the end of 2015. He said that total investments in the project in five years amounted to $5.7 bln Alekperov added that political instability in the north of Iraq did not affect the company’s projects in the south of the country. Read more