Russia’s Lukoil wants more cost recovery oil from West Qurna-2

MOSCOW, Mar 19 (PRIME) -- Russian oil major Lukoil plans to ask Iraq to increase the amount of cost recovery oil from the West Qurna-2 field or the company will have to decrease investments in the project, CEO Vagit Alekperov told reporters Thursday.

“We hope that the Iraqi side will do everything possible in this difficult situation in order to increase transfers of cost recovery oil so that we could keep economic parameters and investment (into the West Qurna-2 field),” Alekperov said.

“We want to balance our economy, or to receive a return on capital and a balanced investment program.”

He said that he plans to meet with Iraqi government officials soon.

Iraq’s Oil Ministry has asked the company to postpone exploration and development of new fields as oil prices have reached their historic lows, although Lukoil operates the West Qurna-2 in a normal mode.

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

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