(MENAFN) Russia's Lukoil Overseas director, Andrei Kuzyayev, stated that the company has reduced its oil output plan in Iraqs West Qurna-2 oilfield to 1.2 million barrels per day (bpd) from the planned 1.8 million bpd, reported The Peninsula.
Kuzyayev said that the move comes in line with the Iraqi governments plans to boost the lifetime of oilfields, and to slash output in the country to 9 million bpd from 12 million bpd.
He added that the peak production will result in creating too much infrastructure, moreover, when output will start to sharply fall that would lead to an unstable macroeconomic situation in the country.
He noted that Lukoil got a substantial rise in the lifetime of the plateau production as a result of the new reduction plan, thus, the plateau output has been revised to last 19 years instead of the envisaged 12-13 years.
It is worth noting that the West Qurna-2 is the second-largest undeveloped field in the world, with recoverable oil reserves of nearly 14 billion barrels.