800 thousand barrels per day.. “Lukoil” increases its oil production in Iraq

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800 thousand barrels per day.. “Lukoil” increases its oil production in Iraq

The Russian company Lukoil announced on Saturday that it plans to gradually increase production to reach 800,000 barrels per day.

Lukoil has reported that the service contract for the project has been extended by 10 years until 2045 and includes investments for future development.

She noted that the field brought new multi-well platforms into production, operated oil processing and complex gas processing facilities for the Yamama Formation, established export pipelines and water flooding units, and expanded the reservoir battery.

Lukoil, with a 75% stake, serves as the operator of the West Qurna 2 field while the remainder is owned by the state-owned North Oil Company. Currently, Iraq’s production capacity is below 5 million barrels per day; however, the country is aiming to increase its capacity to 7 million barrels per day in the next two years, with the assistance of oil companies. This information relates to globalism.