FINANCIAL NEWS

Iraq says output at West Qurna 2 oilfield to hit 500k bpd in 2014

26 Apr 2012

(MENAFN) Iraq’s oil minister, Abdul-Kareem Luaibi, stated that in 2014, output at the country’s West Qurna Phase-2 oilfield is forecasted to grow to 500,000 barrels per day (bpd), reported Reuters.

Luaibi added that the West Qurna Phase-2 oilfield will be developed by Russia’s LUKOIL, which started drilling the first oil well, whereas another 22 wells will be drilled later as part of the first phase of developing the West Qurna Two oilfield.

On the other hand, LUKOIL said that total investment in the field would be nearly USD25 billion, adding that drilling operations at 5 well pads would all happen at the same time, and wells would be 5,000 meters deep.

It is worth noting that LUKOIL inked a 20-year agreement to develop the oilfield, and to increase production to 1.8 million bpd in 6 years.

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