Mar. 8 2011 | The uncertainty in the Mideast is putting an even bigger focus on production in other regions, so Russia's Lukoil is looking to put more of its oil into the system, with CNBC's Sharon Epperson, and Vagit Alekperov, Lukoil president.
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Showing posts with label Lukoil. Show all posts
Showing posts with label Lukoil. Show all posts
Tuesday, March 8, 2011
Tuesday, February 9, 2010
Russian Lukoil eyes profit in Iraq
Published 09 February, 2010,
Russia's largest private oil company, Lukoil, has told RT it can make a profit from its huge investment in Iraq.
The head of the firm's overseas operations, Andrey Kuzyaev, admitted that these days they must take risks to make a profit. West Qurna contains the world's second largest known oil reserves. In December Lukoil and Norway's Statoil won the right to develop stage 2 of the project. The companies will earn only $1.15 a barrel under their contract with Iraq's oil ministry, but Kuzyaev says the $30 billion investment is worth it.
Deposits in Iraq are incomparable with those in any part of the glove. Developing the worlds largest hydrocarbon fields stimulates technology and supports contractors with Russian companies among them.
Russia's largest private oil company, Lukoil, has told RT it can make a profit from its huge investment in Iraq.
The head of the firm's overseas operations, Andrey Kuzyaev, admitted that these days they must take risks to make a profit. West Qurna contains the world's second largest known oil reserves. In December Lukoil and Norway's Statoil won the right to develop stage 2 of the project. The companies will earn only $1.15 a barrel under their contract with Iraq's oil ministry, but Kuzyaev says the $30 billion investment is worth it.
Deposits in Iraq are incomparable with those in any part of the glove. Developing the worlds largest hydrocarbon fields stimulates technology and supports contractors with Russian companies among them.
Sunday, January 31, 2010
Russian Lukoil signs deal to develop huge Iraqi oil field
Russia's Lukoil signs deal to develop huge Iraqi oil field
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Iraq has signed a contract with Russia's Lukoil to develop one of the world's biggest oilfields, sealing the last of 10 deals that could turn the war-shattered country into a top oil producer.
AFP - Russian energy giant Lukoil signed an agreement in Baghdad on Sunday to develop Iraq's massive West Qurna-2 oil field, the company said in a statement.
Along with Norway's StatoilHydro, Lukoil signed an initial deal in December last year to develop the field, which is expected to dramatically increase the country's crude production to 12 million barrels per day (bpd) by 2017.
According to the terms of the deal, Lukoil and StatoilHydro are aiming to raise production at the field in southern Iraq, which has proven reserves of around 13 billion barrels of oil, to 1.8 million bpd.
They will receive fees of 1.15 dollars per barrel extracted.
"Production must reach 1.8 million barrels over the course of the next six years," Iraq's Oil Minister Hussain Shahristani said at the signing ceremony, attended by Lukoil president Vagit Alekperov.
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