20 August 2015, News Wires – Russian player Lukoil has welcomed Iraqi Prime Minister Haider al-Abadi to its operated West Qurna 2 oilfield development in the south of Iraq.
Al-Abadi met with members of the company’s management and visited key production sites at the field outside Basra, including the central processing facility and the gas turbine power plant.
Lukoil holds a 75% stake in West Qurna 2, which is ranked as one of the largest oilfields in the world. It is joined in the field’s consortium by Iraqi North Oil on 25%, while the Iraqi Oil Ministry’s South Oil is the state’s representative in the project.
Oil production currently stands at 450,000 barrels per day.
Iraq’s cabinet in May approved a $526.6 million drilling deal with China’s Zhongman for the oilfield. Under the 28-month contract, Zhongman Petroleum & Natural Gas will drill 66 production oil wells at West Qurna 2.