Lukoil seals Qurna deal

By Vladimir Afanasiev

 03 January 2013 23:59 GMT

Russia’s Lukoil has agreed a lower plateau oil production rate at the West Qurna 2 development project in Iraq following a request from the Iraqi government.

Andrey Kuzyaev, executive director of Lukoil’s foreign operations subsidiary, Lukoil Overseas, was quoted as saying that the revised plateau output has been set at 1.2 million barrels per day, against the previously agreed level of 1.8 million bpd.

Lukoil, which is paid a fixed renumeration fee for each barrel produced at West Qurna 2, is expected to receive the same or even slightly higher revenues during the lifetime of the project as a result of the contract revision.

According to Kuzyaev, the Iraqi government has agreed to extend the period of plateau production…

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