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Lukoil will cut production in inefficient wells

Lukoil plans to cut production at all ineffective fields. This was stated by the press head of the company Vagit Alekperov said.

25.May.17 12:27 PM
By Christina Orlina


Lukoil will cut production in inefficient wells
Alekperov said that while the Iraqi authorities asked the company to limit production on the project. And this despite the fact that earlier LUKOIL has expressed a willingness to reduce the production of "West Qurna-2" on 20 thousand barrels a day.

The company mines at this Iraqi field, according to Alekperov, about 400 thousand barrels per day. That is the Russian company actually promised to Baghdad to reduce their production volumes in the country by 5%.

Oil field "Western Qurna-2" currently is the second largest in the world, with recoverable reserves estimated at 14 billion barrels. LUKOIL controls 75% of the oil, the Iraqi state-owned North Oil Company 25%.

In the early development it was planned that the planned volume production of 1.2 million b/d, "West Qurna-2" will be released in 2017, but in June 2016 Concessionaires reported that delay the achievement of this level to 2022. A year and a half ago, production at the field reached the first "shelf" 400 thousand barrels per day, approximately 20 million tons per year.

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