11.06.2014
Re W.Qurna-2 Cost Recovery
LUKOIL GRANTED THE RIGHT TO RECOVER COSTS AND RECEIVE REMUNERATION AT WEST QURNA-2
LUKOIL Overseas (LUKOIL's operator of overseas upstream projects) has informed Iraq’s Ministry of Oil that it has fulfilled its contractual obligations for first commercial production at West Qurna-2.
LUKOIL, the operator of the West Qurna-2 project, successfully maintained an average daily production of at least 120 thousand barrels for 90 days, entitling it to begin recovering costs and receive remuneration.
Daily oil production at West Qurna-2 is currently above 200 thousand barrels.