LUKOIL International Services B.V.
LUKOIL International Services B.V.

Iraq

In the Middle East, the Company’s strategy of increasing production abroad has been focused on Iraq. In 2014, LUKOIL started commercial oil production from one the world’s largest oilfields — West Qurna-2.

On 12 December 2009, a consortium of LUKOIL and Norway's Statoil won a tender for the development of the West Qurna-2 field, one the world's largest oilfields with approximately 13 billion barrels of recoverable oil reserves to be produced from two major formations — Mishrif and Yamama.

So far, the production complex put into operation allows producing 450 thousand barrels per day. West Qurna-2 is the largest investment project implemented by a private company in Iraq, which also achieved a greater increase in production than any other oilfield in the country. During 2015, over 20 million tons of oil was produced.

  • Details of the field

In May 2012, as a result of Iraq’s fourth licensing round, LUKOIL Overseas together with Japan's INPEX CORPORATION gained the right for exploration and further development of Block 10.

The block covers an area of 5,500 square km and is located in the Di-Kar and Mutannah provinces, 120 km to the west from Basra, close to Iraq's largest oilfields: Rumailah and West Qurna. Shares in the project are as follows: LUKOIL Overseas — 60% (operator), INPEX Corporation — 40%.