31 January in Baghdad, President of OAO LUKOIL Vagit Alekperov signed a contract to provide services for the development and production at the West Qurna-2, the company reported. Contract duration - 20 years with possibility of extension for 5 years. The contract ratified by the Cabinet of Ministers of Iraq.
parties to the contract - the Iraqi state oil company, South Oil Company and a consortium of contractors in the Iraqi state company North Oil Company (25%), LUKOIL (56.25%) and Norway”s Statoil ASA (18,75%).
Drilling on the West Qurna-2 will begin in 2011, mining - in late 2012. Achieving the target level of production in excess of 90 million tons of oil per year is planned for 2017. Plan field development, in particular, provides for additional seismic, drilling more than five hundred wells.
Investments “Lukoil West Qurna-2, according to preliminary estimates, in 2010 amount to about $ 300 million in the next 4-5 years - $ 4.5 billion
A consortium of LUKoil and the Norwegian company Statoil in December 2009 was awarded the tender for the right to develop the West Qurna-2. Amount of remuneration for each barrel of oil is $ 1.15 at the level of production 1.8 million barrels a day.
West Qurna-2 with recoverable reserves of 13 billion barrels, is located in the south of Iraq, 65 kilometers north-west of the large port city of Basra. The deposit was discovered in 1973. His exploration (2D seismic and drilling of exploratory wells) was carried out by Soviet geological and service organizations.
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Review of the FOREX market for 29.01.10