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Lukoil to agree on revised economic terms for West Qurna 2 project with Iraq

The West Qurna 2 field in Southern Iraq is one of the largest across the globe

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Russia's Rosneft discovers new oil field in Iraq

ST. PETERSBURG, May 24. /TASS/. Russia’s oil major Lukoil hopes to agree on revised economic terms for its West Qurna-2 project in Iraq by the end of 2018, CEO Vagit Alekperov said on the sidelines of the St. Petersburg International Economic Forum on Thursday, adding that in May the company would receive compensation for half of past costs.

"In any case, the Iranian side has acknowledged that the economic parameters should get better. Currently the group is working, it has been given time by the end of the year to return to discussion over economic parameters of the deal. We have come to the understanding that past costs should be covered, and half of the sum will be covered in May," he explained.

The West Qurna 2 field in Southern Iraq is one of the largest across the globe, with recoverable resources of about 14 bln barrels. Lukoil is tapping it in a consortium with Norway’s Statoil.

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