MOSCOW, May 11 (PRIME) -- Russian oil company Lukoil and Iraq’s Basra Oil Company have slashed an oil rate plateau for the West Qurna-2 deposit to 800,000 barrel per day in 2025 from 1.8 million barrels in the old plan, Lukoil said in a statement on Friday.
The deposit will produce 480,000 barrels per day in 2020.
“These indicators will be achieved as a result of drilling and commissioning of new production and injection wells, construction and launching of oil treatment, storage and transportation facilities and facilities for gas treatment and power generation,” Lukoil said.
Lukoil holds 75% in the West Qurna-2 project, while Iraqi state firm North Oil Company has a 25% stake.
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