Lukoil raises production at West Qurna-2 field to 480,000 bpd

MOSCOW. June 2 (Interfax) - Russian oil company Lukoil has put two new well pads into operation at the West Qurna-2 project in Iraq, increasing oil production from the Mishrif formation, Lukoil Mid-East Ltd reported.

The company said that, in line with its service contract, it has fulfilled the obligation to reach the target production level of 480,000 barrels per day at the field.

West Qurna-2, located in southern Iraq, is one of the largest fields in the world, with initial recoverable reserves of about 14 billion barrels. The contract area is about 300 square km.

Lukoil signed a 25-year service contract for the field in December 2009 and in 2014 began commercial production and carried out the first phase of development, the Mishrif formation early oil project. The field currently produces 9% of Iraq's oil.

Iraq's state-owned North Oil Company holds a 25% stake in the project.

The field reduced production by 13% to 18.7 million tonnes in 2020, but Lukoil's share of production rose 76% to 2.8 million tonnes.