Russia's Lukoil starts drilling in Iraqi oil field
BASRA, Iraq (AP) — Russia's second-largest oil producer Lukoil has begun drilling in one of Iraq's biggest and most promising oil fields in the south.
Senior Vice President for Development and Production Sergei Nikiforov said on Wednesday that production at West Qurna Phase 2 should reach 150,000 barrels per day by the end of 2013.
West Qurna Phase 2 was a coup for Lukoil. Teaming up with Norway's Statoil, Lukoil won the rights to develop the field in Basra province in Iraq's second bidding round in 2009. Last month Statoil withdrawn from the consortium.
The field holds at least 12.88 billion barrels in reserves.
Nikiforov says that by the second half of 2014, production will reach 500,000 barrels per day. Lukoil aims to pump 1.8 million barrels per day in 2017.
