LUKoil to produce 150,000 BBl/d at Iraqi oilfield from 2014April 23, 2013 - 17:04 AMT PanARMENIAN.Net - Russia’s largest privately held oil firm LUKoil plans to produce 150,000 barrels of oil per day from the Iraqi West Qurna-2 oilfield from 2014, LUKoil CEO Vagit Alekperov said on Tuesday, April 23, according to RIA Novosti. “The program of developing the oilfield infrastructure is proceeding according to schedule and work is ongoing at all the sites. From January 1 [2014], we will be ready to produce 150,000 barrels per day,” Alekperov said. Iraq’s West Qurna-2 oilfield was discovered in 1973 with the participation of Soviet geologists. The oilfield is the world’s second largest undeveloped deposit with recoverable oil reserves of 14 billion barrels. The oilfield covers an area of 340 square kilometers (131 square miles) and is located in southern Iraq, 65 km (40 miles) northwest of the large port city of Basra. The contract to develop the West Qurna-2 deposit over a period of 20 years with a five-year extension option was signed on January 31, 2010. LUKoil holds 75 percent in the project while Iraq’s state-owned North Oil Company holds 25 percent. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Police try to impede Armenian Church head’s access to war memorial Police tried to stop the supreme head of the Armenian Apostolic Church, Catholicos Karekin II, from visiting a war memorial. Greece says ready to help as Armenia fights flooding consequences Greece is ready to assist Armenia in combatting the consequences of deadly floods in the country’s north. “He will leave”: Protest leader no longer demands meeting with Pashinyan Archbishop Bagrat Galstanyan no longer demands a meeting with Armenian Prime Minister Nikol Pashinyan. Lemkin Institute petition seeks release of Armenians in Azerbaijan The Lemkin Institute is deeply concerned about the continued illegal detention of political prisoners from Karabakh in Azerbaijan. |