With Iraq “actively repaying” international oil and gas operators, Chief Executive of Russia’s Lukoil, Vagit Alekperov, has announced he expects further investment: “Iraq is very actively repaying the operators. The situation has changed dramatically. We know about the IMF talks and we know that the IMF makes it conditional for Iraq to pay back the contractors. We hope they pay back all debts by November so we can start a new investment cycle before the end of the year. Our long-term Iraqi production goal remains intact – 1.2 million barrels per day. Iraqi fields have huge potential.”
Lukoil has produced approximately .4 million barrels per day in Iraq, if Lukoil’s West Qurna field triples its output, then Lukoil would produce approximately 5 million barrels per day.