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Lukoil to discuss early oil production start at Block 10 with Iraq

CEO Vagit Alekperov said protests in Iraq have not affected the company's operations in the country

ABU DHABI, November 12. /TASS/. Lukoil plans to discuss the start of early oil production on Block 10 where the next exploration well is drilled with the government of Iraq, Chief Executive Officer of the Russian oil producer Vagit Alekperov said on Monday.

"I hope to meet the newly elected Prime Minister in November. Following completion of drilling this well, we expect to raise an issue of starting early oil production, to put the Block 10 into service. Up to 50 thousand barrels [per day] provisionally," Alekperov said. No endorsement has been available from the Iraqi side so far and negotiations have not yet started, he said. If the government of Iraq agrees upon early oil production in the project, then the company will need 2-3 years to start production," he added.

Protests in Iraq have not affected operations of the company in the country, Alekperov said. "We continue the investment cycle. We are to reach the production level of 480 thousand barrels per day by 2020 and 800 [thousand] by 2024. We have no doubts we will reach this level," the top manager said.