The Iraqi Oil Ministry will in December approve contractors picked by Russia's OAO Lukoil Holdings (LKOH.RS) to work on the West Qurna-2 project, Lukoil's chief executive Vagit Alekperov said Friday, and he reiterated that production there will likely start in late 2013.
The Iraqi Oil Ministry will in December approve contractors picked by
Russia's OAO Lukoil Holdings (LKOH.RS) to work on the West Qurna-2 project,
Lukoil's chief executive Vagit Alekperov said Friday, and he reiterated that
production there will likely start in late 2013.
Lukoil, like other international oil companies working in
Iraq
, has
faced problems obtaining government approval for contractors at its oil
projects.
"The Iraqi oil minister has confirmed us that all issues regarding
approval of our tender proposals will be concluded in December," Alekperov
told journalists at a
Moscow
conference.
Lukoil and
Norway
's
Statoil ASA (STO) were awarded a 20-year service contract for West Qurna Phase
2 in
Iraq
's
second licensing round held in December 2009. The companies promised to get the
southern field pumping at a rate of 1.8 million barrels a day for payment of
$1.15 a barrel with first oil planned for August 2012, but the project has been
pushed back partly because the Iraqi government has been slow to approve
contractors.
"We expect to start production in late 2013," Alekperov said. He reiterated
that Lukoil has started exploration drilling at the field.
Contractors have been picked for crude oil processing facilities, power
station, export pipeline and storage tanks. The contractors have been approved
by
Iraq
's
South Oil Co., but are now pending approval from the Oil Ministry.
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