Russian Lukoil and Iraqi govt modify West Qurna-2 contract

MOSCOW. Oct 11 (Interfax) - The Government of Iraq and LUKOIL have modified their contract for the development of the West Qurna-2 field, the country's Minister of Oil Hayyan Abdulghani told reporters.

An Iraqi delegation negotiated Tuesday with Lukoil regarding "a modification of the contract, which is already being executed, for West Qurna-2," he said. Now production (at the field) is about 500,000 bpd, and we must increase it to 800,000 bpd in three years.

There are small changes; just a little modification," he said.

"This concerns remuneration. A modification regarding how we execute the contract. (...) It concerns the cost for both parties," Abdulghani added, noting that these modifications were signed in Iraq.

The minister did not rule out a meeting on Thursday with the management of Gazprom Neft to discuss the details of the contract for the Badra field.