LUKOIL has started commercial production at the West Qurna-2 oil field in Iraq. The official ceremony was attended by Hussain al-Shahristani, Deputy Prime Minister of Iraq for energy, Arkady Dvorkovich, Deputy Prime Minister of the Russian Federation, Vagit Alekperov, President of LUKOIL, members of the Iraqi government, Basra province authorities and representatives of major contractors.
During the ceremony Mr. Alekperov announced that LUKOIL had reached the target production level of 120 thousand barrels per day (kbpd) on March 28th, 2014. According to the service contract between LUKOIL and the Iraqi government, the company must maintain that level of production for the next 90 days to begin receiving a return on its investments.
West Qurna-2 – one of the largest oil fields in the world – is located in southern Iraq, 65 kilometers from the town of Basra. The field has 35 billion barrels of estimated geological oil reserves in two main formations – Mishrif and Yamama.