28 Dec 2012
(MENAFN) Russia’s Lukoil Overseas’ director, Andrei Kuzyayev, stated that the company has reduced its oil output plan in Iraq’s West Qurna-2 oilfield to 1.2 million barrels per day (bpd) from the planned 1.8 million bpd, reported The Peninsula.
Kuzyayev said that the move comes in line with the Iraqi government’s plans to boost the lifetime of oilfields, and to slash output in the country to 9 million bpd from 12 million bpd.
He added that the peak production will result in creating too much infrastructure, moreover, when output will start to sharply fall that would lead to an unstable macroeconomic situation in the country.
He noted that Lukoil got a substantial rise in the lifetime of the plateau production as a result of the new reduction plan, thus, the plateau output has been revised to last 19 years instead of the envisaged 12-13 years.
It is worth noting that the West Qurna-2 is the second-largest undeveloped field in the world, with recoverable oil reserves of nearly 14 billion barrels.
13 Apr 2026
BBK launches the Youth Advisory Council (YAC) to empower youth and advance innovation
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more