West Qurna-2 field output target lowered

Lukoil and two state oil companies have lowered the contractual target for crude oil output from West Qurna-2 oil field in Iraq by one-third.

Under a supplement agreement to the production service contract accounting for Lukoil’s acquisition of the interest formerly held by Statoil, the production target falls to 1.2 million b/d from 1.8 million b/d (OGJ Online, June 1, 2012).

Also adjusted were the target production-level maintenance period to 19.5 years from 13 years and the contract period to 25 years from 20 years.

Lukoil signed the supplemental agreement with North Oil Co., which holds a 25% interest in the contract, and South Oil Co.

The acquisition of Statoil’s 18.75% stake increases Lukoil’s interest to 75%.

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