Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Lukoil starts output from massive Iraq oilfield  Join our daily free Newsletter

MENAFN - AFP - 29/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - AFP) One of the biggest undeveloped oilfields in the world has begun commercial production in south Iraq, officials said on Saturday, part of ambitious plans by Baghdad to dramatically ramp up output.The announcement was made during a ceremony attended by Oil Minister Abdelkarim al-Luaybi and Deputy Prime Minister Hussein al-Shahristani, as well as officials from Russian energy giant Lukoil, the principal firm developing the enormous West Qurna-2 field.It comes just weeks ahead of parliamentary elections, with the country looking to fund reconstruction of its dilapidated infrastructure and economy by upping crude sales."Production started today," said Nasir Hashim Fakhr, the Iraqi oil ministry official charged with the development of West Qurna-2 field in the southern Basra province.Fakhr told reporters initial production was about 120,000 barrels per day (bpd), but that output would rise to 420,000 bpd by the end of the year.Lukoil President Vagit Alekperov said in a statement that the target was initially hit on Friday at West Qurna-2, one of the world's biggest undeveloped oil fields with known reserves of 12.9 billion barrels.The Russian firm had initially partnered with Norway's Statoil on the West Qurna-2 field, signing a 20-year deal in early 2010 under which they were to increase production at the field to 1.8 million bpd, with fees of 1.15 per barrel extracted.In May 2012, however, the Norwegian company sold its stake to Lukoil, and the production target was later lowered to 1.2 million bpd.Iraq has proven reserves of 143.1 billion barrels of oil and 3.2 trillion cubic metres (111.9 trillion cubic feet) of gas -- both among the highest such deposits in the world.Baghdad is heavily dependent on oil exports for government revenue, and the authorities are seeking to dramatically ramp up sales.The country is looking to increase its production capacity to nine million bpd by 2017, a target the International Monetary Fund and International Energy Agency have warned is too ambitious.It currently produces about 3.5 million bpd, with exports in February reaching 2.8 million bpd, the highest such figure in at least a quarter-century.


 


AFP




  MENA News Headlines
 Jan 26 2015 - GCC Secretary General Receives France AmbassadorSaudi Press Agency
(MENAFN - Saudi Press Agency) Secretary General of Gulf Cooperation Council (GCC) Dr. Abdullatif bin Rashid Al-Zayani received here today the French Ambassador to the Kingdom of Saudi Arabia, ...

 Jan 26 2015 - Guinean President Arrives in Riyadh to Offer Condolences on Death of Late King AbdullahSaudi Press Agency
(MENAFN - Saudi Press Agency) Guinea's president Alpha Conde arrived here today to offer condolences on the death of late King Abdullah bin Abdulaziz Al Saud. At Riyadh Air Base Airport, Guinean ...

 Jan 26 2015 - Russia's Putin says Kiev refuses political solution to crisis in eastSaudi Press Agency
(MENAFN - Saudi Press Agency) Russian President Vladimir Putin said on Monday that the Kiev government was refusing a political solution to violence in the eastern Ukraine where fighting has flared ...

 Jan 26 2015 - Alexis Tsipras sworn in as Greek prime ministerSaudi Press Agency
(MENAFN - Saudi Press Agency) Athens, Rabi'II 6, 1436, Jan 26, 2015, SPA - Leftist SYRIZA leader Alexis Tsipras is sworn in as Greece's new prime minister, hours after his party's landslide win in ...

 Jan 26 2015 - Côte d'Ivoire's President Arrives in Riyadh to Offer Condolences on Death of Late King AbdullahSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh, Rabi'II 06, 1436, January 26, 2015, SPA - President of CØ£´te d'Ivoire Alassane Ouattara arrived here today to offer condolences on the death of late King ...

 Jan 26 2015 - FGB announces deal with Dalma EnergyEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 25th January, 2015 (WAM) - FGB looks to maintain strong growth in 2015 having already closed a USD 313.7 million secured syndication facility on ...

 Jan 26 2015 - Kuwait projects $24 bn deficit despite spending cutsAFP
(MENAFN - AFP) Kuwait on Monday projected a $24-billion deficit in its new fiscal year budget despite a massive spending cut due to plunging oil prices. Revenues for 2015-2016 are projected at $41.1 ...

 Jan 26 2015 - New Saudi leaders to press economic diversificationAFP
(MENAFN - AFP) Saudi Arabia's new leadership will push forward efforts to diversify the growing but oil-dependent economy, while easing procedures for investors, senior officials said on ...

 Jan 26 2015 - Dubai Islamic Bank Group net profit up by 63 per cent to AED 2.8 billion in 2014Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 25th January, 2015 (WAM)-Dubai Islamic Bank (DFM: DIB), today announced that its net profit surged by 63 per cent to AED 2.80 billion, up 63 per cent in ...

 Jan 26 2015 - FCCI organises first Serbian Business and Investment ForumEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 25th January 2015 (WAM) -- Federation of UAE Chambers of Commerce and Industry (FCCI) on Sunday organised the First Serbian Business and Investment ...

more...


 






Google

Internatinal Property Show

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help