Russian Lukoil to / Nina /: These are our new projects for oil investments in Iraq / Expanded

Sunday 14 November 2021 16:27
 
Baghdad / NINA / - The Russian company, Lukoil, announced a package of its new projects for oil investments in Iraq.

The CEO of the company, Vagit Alekperov, said, in a statement to the National Iraqi News Agency / NINA /: "We have major projects, including the associated gas investment project, where we recently announced a tender for a gas compression and drying station in the West Qurna 2 field, and we have another huge project which is the Yamama reservoir development project. In the Qurna 2 field, "noting the discovery of reserves in the Arido oil field in Dhi Qar Governorate, but this discovery is the largest of its kind in recent years.

He explained: "The Russian company submitted all the necessary papers to the Ministry of Oil regarding approval of the commercial declaration as soon as possible to start early production from the Arido oil field at a rate of 30,000 barrels per day, agreed upon with the Iraqi Oil Ministry."

He added, "We submitted another official request to the Ministry of Oil to extend the exploration period for an additional five years in the tenth block, in order to explore new promising compounds, which we hope, in cooperation with the Ministry of Oil, will increase the share of Iraq's production and the size of its oil reserves."

On the arrival of the accumulated daily oil production in the West Qurna 2 field to one billion barrels, he said, "One billion barrels of oil means more than 40 billion dollars that will be included in Iraq's budget, and this will contribute to supporting social projects and supporting the Iraqi state budget."

Regarding renewable energy projects, the CEO of the Russian company explained, "Currently, there are no clean energy projects.. We are working on new oil investments, but we have great potential in the field of renewable energy, and if the desire is received from the Iraqi Oil Ministry, we are ready to consider that." ./finished5

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