Russia’s Lukoil, in conjunction with local state-run Basra Oil Company, aims to double production from Iraq’s West Qurna-2 oil field to 800,000 barrels per day (b/d) by 2025, OilPrice.com reported.
The companies signed a development plan stipulating the increase in production from the field. Lukoil holds a 75% stake in West Qurna-2 while Iraq’s state-run North Oil Company owns the remaining 25%. Basra Oil Company manages the distribution of compensation and revenues.
The production increase will be implemented in stages: oil production at the field is planned to reach 480,000 b/d by 2020, while a further 320,000 b/d increase is projected by 2025.
West Qurna-2 currently produces 400,000 b/d, making up 9% of Iraq’s total oil production.
“These indicators will be achieved as a result of drilling and commissioning of new production and injection wells, construction and launching of oil treatment, storage and transportation facilities and facilities for gas treatment and power generation,” Lukoil said in a statement.
The recoverable reserves of West Qurna-2 – situated northwest of Basra in southern Iraq – are estimated at around 14 billion barrels.