In 2016 LUKoil plans to extract 100 million tons of oil a year, reported Interfax quoting the statement of LUKoil President Vagit Alekperov.
“We have been working to increase production. We hope that at the end of March 2014 we will put into operation the world biggest field Western Kurna-2 in Iraq, which at the first stage will produce over 10 million tons of oil and it could be increased up to 90 million tons. In 2016 we also hope to launch the Northern Caspian project – Filanovsky field and Imilor. This will allow us extracting over 100 million tons of oil a year, he said.
Western Kurna-2 field is the world second biggest undeveloped field with the extractible oil resources of about 14 billion barrels. LUKoil has 75% share in the project while Iraqi state North Oil Company – 25%. The target production rate of the field is 1.2 million barrels of oil a day (about 60 million tons a year) and the effective period of the contract is 25 years. The field is planned to be launched in 2017.
