The biggest Russian oil company LUKoil started production on one of the world biggest oil fields Western Qurna-2 in Iraq, reported RIA Novosti agency.
Until the end of this year the company is expected to increase production up to 400,000 barrels a day and by the end of 2016 it will exceed 1 million barrels.
Russian Vice Premier Akradii Dvorkovich, Iraq’s Vice Premier for Energy Huseyn Ali Shahristani, Iraq oil Minister Abdelkarim Luyebi and LUKoil President Vagit Alekperov took part at the ceremony of the production launching.
Western Qurna 2 field with the extractible resources of about 14 billion barrels of oil is located on the south of Iraq, 65 km northwest of Basra city.
The contract for development of Western Qurna-2 field for the period of 20 years and the possibility of extension by five years was signed in January 2010.