OAO Lukoil's (LKOH.RS) development of the West Qurna field with partner Statoil ASA (STO) is expected to yield 150,000 barrels of oil a day by 2013, with production increasing to around 400,000-500,000 barrels a day by 2014, Gati Al-Jebouri, executive director and chief commercial officer of Lukoil Mid-East said at a conference Friday.
OAO Lukoil's (LKOH.RS) development of the West Qurna field with partner
Statoil ASA (STO) is expected to yield 150,000 barrels of oil a day by 2013,
with production increasing to around 400,000-500,000 barrels a day by 2014,
Gati Al-Jebouri, executive director and chief commercial officer of Lukoil
Mid-East said at a conference Friday.
Total Iraqi crude production could reach as much as 6 million barrels a day by
2014, he said.
However, the increase in oil supply is unlikely to be matched by an increase in
Iraqi refining capacity, he noted, as weak refining margins, budget constraints
and current demand patterns for oil products in the country are unlikely to
justify the downstream investment needed.
He noted that
Iraq
currently has a nameplate refining capacity of 600,000-700,000 barrels a day,
although actual utilization rates were far below that capacity.
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