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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Learn about the details of the "West Qurna 2" field deal with a Russian company

    Rocky
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    Learn about the details of the "West Qurna 2" field deal with a Russian company Empty Learn about the details of the "West Qurna 2" field deal with a Russian company

    Post by Rocky Sat 04 Nov 2023, 4:42 am

    Learn about the details of the "West Qurna 2" field deal with a Russian company

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    Economy News _ Baghdad
    The Russian company Lukoil has won a new agreement with the Iraqi government to develop an oil field, in a step that comes within the country's direction to expand and enhance its oil capabilities.
    The company said, in a statement, that it had signed an agreement with Iraq to improve conditions in the West Qurna 2 oil field, and to extend a service contract for a period of 10 years, according to what was reported by the Specialized Energy Platform.
    Russia's Lukoil confirmed that the agreement would gradually double the capacity of the oil field.
    *Russian Lukoil's achievements
    The West Qurna 2 field is located in the southern part of Iraq, 65 kilometers northwest of Basra, and is considered one of the largest fields in the world.
    The field's primary recoverable reserves are about 14 billion barrels, according to Russian Lukoil data.
    On December 12, 2009, the company signed a contract to develop the West Qurna 2 field.
    On January 31, 2010, a services contract for the development and production of West Qurna 2 station was signed, and the contract was ratified by the Council of Ministers of the Republic of Iraq.
    On March 29, 2014, commercial oil production began in the field.
    The field adds the largest additional production growth in Iraq, amounting to 480 thousand barrels per day, from the Mushrif formation, which represents 10% of the Asian country’s total crude oil production, and 15% of its oil exports.
    He backed away from the sale of the West Qurna 2 field.
    The year 2021 witnessed turmoil in Russia’s Lukoil relationship with the West Qurna 2 field, as the company - at the time - sent an official notice stating that it wanted to sell its share in the “West Qurna 2” field to Chinese companies, because of the “investment opportunities.” The existing ones in Iraq are not suitable in the eyes of large investors.”
    But the Iraqi Oil Minister - Ihsan Abdul Jabbar, announced in July 2012 that discussions with the Russian company Lukoil during the last six months contributed to the company officially withdrawing its desire to offer part of the shares for sale to other companies.
    In June 2023, the Russian company Lukoil increased oil production in the Iraqi West Qurna 2 field, of which it owns 75% of the shares, coinciding with the Iraqi government’s plans and efforts to enhance crude oil production, as the field is expected to play a role in achieving these plans, according to For specialized energy platform.


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