LUKoil in Iraqi geological exploration talks

Russia’s largest private oil company LUKoil wants to carry out geological exploration in Iraq, the company said on Wednesday, following a meeting between its CEO Vagit Alekperov and Iraqi Oil Minister Abdul-Kareem Luaibi.

LUKoil, together with Norway’s Statoil, is now developing Iraq’s West Qurna-2 deposit which has recoverable reserves estimated at 12.9 billion barrels of oil. LUKoil plans to launch production at the field in 2013.

Alekperov and Luaibi discussed the Qurna project and the prospects for upgrading the transport infrastructure for output from the deposit, LUKoil said on Wednesday.

Alekperov also suggested Iraq consider construction of an electric power station fuelled by associated gas from West Qurna-2.

Leave a comment