Lukoil tanker arrives in Iraq for first West Qurna-2 compensatory oil
MOSCOW. July 30 (Interfax) - Lukoil has begun to return on the investment in the West Qurna-2 project in Iraq.
On July 30, a tanker arrived at the port of Basra in southern Iraq, which is chartered by Litasco, the international marketing and trade branch of Lukoil, for loading the first consignment of oil for cost recovery, produced by the company as part of the implementation of the first phase of the field's development, Lukoil said in a statement.
The ship will be in the port for several days during which 1 million barrels or 160,000 tonnes of oil will be loaded.
Work is continuing at the field on increasing output, which has currently reached 280,000 barrels a day. The project is being incrementally developed according to plans that were outlined earlier. Lukoil is successfully fulfilling all of its contractual commitments, the company said.
Lukoil put West Qurna-2, with recoverable reserves of around 14 billion barrels a day, on stream at the end of March. Lukoil has a 75% stake in the project and Iraq's North Oil Company has 25%. Lukoil has invested $4 billion in the project. This year's investment is estimated at up to $2 billion.
In 2014, Lukoil plans to receive around 5 million tonnes of compensatory oil.
