Lukoil inks revised West Qurna 2 pact

'Reducing risk': Lukoil chief Vagit Alekperov

Reuters/Scanpix

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Steve Marshall

 17 January 2013 11:41 GMT

Russian giant Lukoil formally signed an amended agreement in Baghdad on Thursday for its operated West Qurna 2 project in Iraq to slash the output target on the scheme.

Confirming an earlier Upstream report, Lukoil has agreed to cut the target from 1.8 million barrels per day to 1.2 million bpd under the amended production pact inked with state-owned North Oil Company and South Oil Company.

It was also agreed to prolong the plateau production period from 13 to 19.5 years and extend the contract term from 20 to 25 years.

The pact also formalised the handover of former partner Statoil’s 18.75% stake in the project to Lukoil, leaving the latter with 75% and partner North Oil on 25%.

Lukoil chief executive Vagit Alekperov said after signing the…

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