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Lukoil Overseas announces record oil production
3/18/2015
The Russian company says it received a letter from Iraqi authorities to reduce cost in West Qurna-2 field due to slump in oil prices The processing facility of West Qurna 2 oil field in Iraq which is managed by Lukoil Overseas.
Abu Dhabi: Lukoil Overseas, the Dubai based international upstream division of the Russian Lukoil Group said that none of its projects were affected due to the recent drop in oil prices and has announced a record oil production for the year 2014. In a statement, the company said its total oil production in 2014 reached 9.6 million tonnes, 2.4 times the level of 2013 due to the start of the West Qurna-2 field in Iraq. The gas production was 6.8 billion cubic meters (bcm). “This boosted the share of Lukoil Overseas in Lukoil’s total oil production from 4.4 per cent in 2013 to 10 per cent in 2014, and its share in total hydrocarbon production from 9.5 per cent to 13.3 per cent,” the company said. A spokesperson for the company said that the recent slide in oil prices has not affected their projects.
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3/18/2015
The Russian company says it received a letter from Iraqi authorities to reduce cost in West Qurna-2 field due to slump in oil prices The processing facility of West Qurna 2 oil field in Iraq which is managed by Lukoil Overseas.
Abu Dhabi: Lukoil Overseas, the Dubai based international upstream division of the Russian Lukoil Group said that none of its projects were affected due to the recent drop in oil prices and has announced a record oil production for the year 2014. In a statement, the company said its total oil production in 2014 reached 9.6 million tonnes, 2.4 times the level of 2013 due to the start of the West Qurna-2 field in Iraq. The gas production was 6.8 billion cubic meters (bcm). “This boosted the share of Lukoil Overseas in Lukoil’s total oil production from 4.4 per cent in 2013 to 10 per cent in 2014, and its share in total hydrocarbon production from 9.5 per cent to 13.3 per cent,” the company said. A spokesperson for the company said that the recent slide in oil prices has not affected their projects.
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