Iraq asks Russia’s Lukoil to delay upstream works on low price

MOSCOW, Mar 13 (PRIME) -- Iraq’s Oil Ministry has asked Russian oil company Lukoil to postpone exploration and development of new fields as oil prices have reached their historic lows, a representative of the company told PRIME Friday.

“Lukoil Overseas (foreign assets’ division of Lukoil) has received a letter of the Iraqi Oil Ministry, where it asks to consider postponing new projects and limiting works on them in 2015 due to low oil prices, and the company is considering it,” the representative said.

“But so far Meanwhile, the West Qurna-2 field is being operated in a normal mode, works are continuing under an earlier approved plan, and Lukoil is fulfilling all contract liabilities.”

Argus news agency has earlier reported that Iraq is preparing to revise conditions of field development contracts.

Lukoil’s First Executive Vice President Ravil Maganov said Wednesday that the company will not change development conditions of the West Qurna-2 field.

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