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Lukoil to reimburse all costs of West Qurna-2 project in Iraq

The total project costs as of June 30, 2016, were estimated at $7.23 bln

© AP Photo/Nabil al-Jourani

MOSCOW, September 16. /TASS/. Lukoil repaid in full all the funds invested in the mining project West Qurna - 2 in Iraq, Head of the company Vagit Alekperov said on Friday in an interview with Kommersant.

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Lukoil plans to keep oil production in Russia at 86-88 million tonnes

"Yes, we have repaid it. But in order to start the second stage, we should not only cover the historical costs, but also somehow make money," he said.

The total project costs as of June 30, 2016, were estimated at $7.23 bln.

According to Alekperov, Lukoil is currently actively discussing the second stage of the project, according to his estimations the investment totals another $7 bln.

On December 12, 2009, a consortium of LUKOIL and Norway's Statoil won a tender for the development of the West Qurna-2 field in Iraq. Its estimated recoverable oil reserves total approximately 13 billion barrels, which will be produced from two major formations - Mishrif and Yamama. West Qurna-2 is one of the largest oil fields in the world.

West Qurna-2 is located in southern Iraq, 65 km Northwest of the major port city of Basra. The field was discovered in 1973 and explored (using 2D seismic acquisition and exploration drilling technologies) by Soviet geologists in 1970s and 80s. The size of the current Contract Area is over 300 square km.

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