Lukoil Increased Oil Production at West Qurna-2
Lukoil put into operation two well pads – No. 4 and No. 9 – at the West Qurna 2 field in Iraq, increased oil production to the target of 480,000 barrels per day, a subsidiary of the Lukoil Mid-East Limited group said.
“In accordance with the service contract, the company has fulfilled its obligations to achieve the target level of production at West Qurna 2 of 480,000 barrels per day,” the statement said. Two well pads, No. 4 and No. 9, were put into operation on the Mishrif formation.
The West Qurna 2 field is one of the largest in the world with approximately 14 billion barrels of initial recoverable reserves. Lukoil owns 75% of the project, and the state-owned Iraqi North Oil Company – 25%. Lukoil signed a service contract for development and production at the field in 2010. The contract is valid for 25 years.
Lukoil began producing oil in 2014. At first, daily production was 120,000 barrels, and by the end of 2014 it had grown to 380,000 barrels. The new development plan for the field, signed in 2018, called for reaching 480,000 bpd in 2020 and achieving a plateau of 800,000 bpd in 2025. However, due to the OPEC+ agreement, production has decreased since May 1, 2020, and has been gradually recovering since October of the same year.
Lukoil is one of the largest publicly traded vertically integrated oil and gas companies in the world, accounting for about 2% of world oil production and about 1% of proven hydrocarbon reserves.
