Iraq asking Lukoil to limit work on new projects in 2015

Source: Reuters 

Iraq is asking the Russian company Lukoil to postpone new projects and limit work on them in 2015.

Lukoil's press service told Interfax that the oil company received the relevant letter from Iraq at the beginning of the week. The press service said that the request of the Lukoil's Iraqi partners is being considered.

The company did not say whether Iraq's request concerns the West Qurna-2 project.

In April, 2014 the Russian company Lukoil and the Oil Exploration Company of Iraq have signed a memorandum on gas exploration in the Western Euphrates block in Iraq.

Previously, Lukoil was engaged only in oil production in Iraq. In March, the company began to develop the Iraqi field West Qurna-2, with oil reserves of 1.8 billion tons. By 2017, they plan to produce 60 million tons of oil annually.

Fields with recoverable oil reserves of about 14 billion barrels are located in southern Iraq, 65 kilometers north-west of the city of Basra.

Read more: Lukoil starts oil production at West Qurna-2 field in Iraq>>>

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