Iraq asks Lukoil to limit works on new projects in the country
Edited by Rhod Mackenzie / 2015-03-13 10:45:19
Iraq in a letter has asked Lukoil to postpone new projects and limit works on them in 2015, the press centre of the Russian company reports. According to a source, the letter of Iraqi partners is pending.
Lukoil didn’t specify whether the request of Iraq concerned the West Qurna-2 project.
West Qurna-2 in Iraq is the second-largest undeveloped field in the world with recoverable reserves of about 14 billion barrels. Lukoil has 75% of the project, and the Iraqi state-owned North Oil Company - 25%. Lukoil receives cost oil under the terms of the service contract in recovery of the company’s costs in the first phase ("early oil") of the West Qurna-2 field development.
