Lukoil and the Basra Oil Company have signed a new contract for the development West Qurna 2 oil field in Iraq. The plan is designed to develop the fields crude oil production by 20% to 480,000 barrels per day (bpd) in 2020, before reaching 800,000 bpd in 2025, a 100% increase on current production levels.
Lukoil, who entered West Qurna 2 in 2010 before initiating production in 2014, are currently producing roughly 10% of Iraq's crude oil output from the field at 400,00 bpd. The field itself is predicted to contain 12.9 billion barrels of crude oil reserves
In order to achieve the increased production targets, drilling new production and injection wells will be required. In addition the building oil treatment, storage and transportation facilities must occur, while there must also be facilities for gas treatment and power generation, according to Russia's second largest producer.