Lukoil Earns $1.5b From Iraqi Project

Lukoil Earns $1.5b From Iraqi Project

Russia’s Lukoil earned more than $1.53 billion from Iraq’s West Qurna-2 project during the first half of 2015. The amount included cost recovery of $1,475 million and remuneration fee of $60 million, explained a report in Iraq Business News, highlighting that the company earned $1,179 million in the first half of 2014, TradeArabia reported. A total of 4.4 million tons or 30.26 million barrels of crude oil was included in the group’s production data for the first half of 2015, which represented approximately 52% of total production from the field, the report said. The project’s target production is 1.2 million barrels per day and the contract period is 25 years.


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