Iraq hopes to keep Lukoil's share in West Qurna-2

13 October

Iraq hopes that Lukoil will keep its share in the West Qurna-2 project and is negotiating to improve the economic conditions of the project, Iraqi oil minister Ihsan Abdel Jaber told reporters on the sidelines of Russian Energy Week 2021.


"We are now negotiating with Lukoil to improve the conditions of the project. We hope that they will keep their share in West Qurna-2," he said, when asked how the negotiations for the sale of part of Lukoil's share in the project are going.


The Russian Lukoil company is developing the West Qurna-2 field located in the south of Iraq. The project is one of the largest in the world, its recoverable reserves are estimated at 14 bln barrels. Lukoil signed the contract to develop the field in 2010 and has already implemented the first phase of field development. The term of the contract is 25 years.


In summer 2021, Lukoil president Vagit Alekperov told reporters that the company had discussed with the Iraqi authorities a partial sale of its share in the West Qurna-2 project and saw great interest in the project. But the Iraqi oil ministry insisted on Lukoil's continuing participation in the project. That is why for now the company continues negotiations on improving the economy of West Qurna-2, especially in the Yamama formation, noted Alekperov.

 

 

GSV "Russia - Islamic World"

Photo: Creative Commons

Based on materials from TASS