LUKOIL FOR IRAQ: 800 TBD

LUKOIL - LUKOIL and the Basra Oil Company signed a Development Plan of West Qurna-2 field that provides for an oil production plateau of 800 thousand barrels per day. According to the Plan, the oil production of 480 thousand barrels per day will be reached in 2020 and 800 thousand barrels per day is expected in 2025.

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.

The experience acquired by the Company in the region, the existing infrastructure and cost compensation within the project development from the current production will ensure maximum efficiency of the project implementation.

The parties noted that due to the agreements reached, LUKOIL will remain one of the largest investors and employers in Iraq in the coming years.

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Earlier:

2018, May, 8, 10:40:00 BP - IRAQ AGREEMENT REUTERS - Iraq’s state-run North Oil Company signed an agreement with BP on Monday to triple output from the Kirkuk fields in the north of the country, Oil Minister Jabar al-Luaibi said.

2018, April, 4, 09:15:00 IRAQ'S OIL PRODUCTION: 6.5 MBD PLATTS - Iraq has adjusted its crude oil production capacity target and is now aiming to achieve 6.5 million b/d by 2022, oil minister Jabbar al-Luaibi said Monday.

2017, September, 29, 12:15:00 TURKEY NEED IRAQI OIL The government of Turkey said it will deal exclusively with the Iraqi government on oil exports after voters in the semiautonomous Kurdistan Region of Iraq supported independence in a controversial referendum.

2017, September, 22, 08:50:00 RUSSIA - KURDISTAN INVESTMENT Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.

2017, September, 22, 08:40:00 IRAQI OIL TO U.S. Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.

2017, August, 16, 09:10:00 IMF HAS IRAQ To strengthen financial sector stability, Directors encouraged the authorities to take measures to bolster supervision, and move forward with plans to restructure the statemdash;owned banks that dominate the banking system. They also encouraged strengthening the legal framework of the Central Bank, eliminating a remaining exchange restriction and a multiple currency practice, and accelerating implementation of AML/CFT and antimdash;corruption measures. Directors considered that the peg to the U.S. dollar, which provides a key anchor to the economy, remains appropriate.

2017, August, 3, 12:25:00 IMF BUYS IRAQ The completion of the second review allows the authorities to draw the equivalent of SDR 584.2 million (about US$ 824.8 million), bringing total disbursements to SDR 1494.2 million about US$ 2109.7 million. The SDR 3.831 billion arrangement (about US$5.34 billion at the time of approval of the arrangement) was approved in July, 2016 and the first review was completed on December 5, 2016.