Baghdad, The Russian company “Lukoil” announced today, Saturday, a gradual increase in its production to reach 800 thousand barrels per day.
Lukoil said in a report, “The agreement stipulates better terms and an extension of the service contract for 10 years (until 2045).”
It noted, "The field brought new multi-well platforms into production, operated oil processing facilities and complex gas processing facilities for the Yamamah Formation, established export pipelines and water flooding units, as well as expanding the reservoir battery."
It explained that it "is the operator of the West Qurna 2 field with a 75% stake and the rest is owned by the state-owned North Oil Company."
Iraq's production capacity is less than 5 million barrels per day, but it seeks to enhance this capacity to 7 million barrels per day in the next two years with the help of international oil companies.
Source: National Iraqi News Agency