Russia’s Lukoil may launch Iraq’s West Qurna-2 in early 2014

MOSCOW, Feb 22 (PRIME) -- Russian oil major Lukoil could start production at Iraq’s U.S. $27 billion West Qurna-2, one of the world’s largest oil deposits, in late 2013 or early 2014, the company’s President Vagit Alekperov said Wednesday.

Around $4.5 billion are to be spent within the next three years on the project, he reiterated.

Earlier, Lukoil, which holds 56.25% in the project, planned to launch the field in 2013.

Lukoil in a consortium with Norwegian oil company Statoil won a tender to develop the field in December 2009. In early February, Statoil, which owns 18.75%, said it could sell the stake.

Alekperov also said that Lukoil is spending around $300 million to drill one well at fields in West Africa.

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