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Lukoil to submit West Qurna-2 development plan to Iraq before end of 2017

Vagit Alekperov said earlier that Lukoil continues discussing amendments to the contract under the West Qurna - 2 project with the government of Iraq

VIENNA, December 1. /TASS/. Russian oil company Lukoil by the end of 2017 must present the plan for the development of the West Qurna - 2 field to the Iraqi side, Head of the company Vagit Alekperov told reporters on Friday.

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Iraqi top diplomat promises Kurdish referendum won’t affect Moscow-Baghdad ties

"We are in negotiations, and we need to submit the development plan to the Iraqi side before the end of the year," he said.

Vagit Alekperov said earlier that Lukoil continues discussing amendments to the contract under the West Qurna - 2 project with the government of Iraq. "We intended [to sign in September] but extended now until the end of the year," Alekperov said at the time responding to a question regarding the timeline for amendments signing.

"Negotiations are held now. We are discussing production volumes… Economic consultations are now underway. In any case a new agreement and amendments will be required," Alekperov said. Investments and performance time for commitments are discussed," he added.

The West Qurna - 2 oilfield in Southern Iraq is among the largest across the globe. Recoverable resources are about 14 bln barrels. Lukoil is developing the oilfield in the consortium with Norway’s Statoil.

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