Russia’s oil company Lukoil will offer a plan to develop the West Qurna 2 oilfield to the Iraqi side by the end of 2017, the head of the Russian oil company, Vagit Alekperov, said Saturday.
“We need to present the development plan to the Iraqi side before the end of this year,” Alekperov was quoted as saying by the Russian TAS news agency.
Earlier, Vagit Alekperov confirmed that Lukoil was continuing to discuss the contract amendments under the West Qurna-2 project with the Iraqi government. “We intended to sign in September, but we are now out until the end of the year,” he said in response to a question on the timetable for amendments to the signing.
“Negotiations are under way, we are discussing the volume of production, economic consultations are under way, and in any case there is a need for a new agreement and amendments,” Alekperov said. He added that the investments are discussed and the time of performance of commitments.
The West Qurna oil field is one of the largest oil fields in Iraq and has a proven reserve of 12 billion barrels of crude oil.