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In December 2009, Russia's Lukoil and Norway's Statoil were awarded the rights to develop the 12.88-billion-barrels (2.048 × 10 ^ 9 m 3) West Qurna Phase II oil field. The Lukoil-Statoil alliance will receive $1.15 per barrel that they produce. In addition, they will work to raise output from West Qurna 2 to 120,000 barrels per day (19,000 m 3 ...
West Qurna Field Phase 2 Lukoil: Russia Public 75% 1,800,000 1.15 566,662,500 Badra Gazprom: Russia State 30% 170,000 5.5 102,382,500 Badra Petronas: Malaysia State
The Norway state-owned oil company Equinor exited the last of their joint ventures in Russia by withdrawing the joint venture with Lukoil and exiting the Kharyaga project on 2 September 2022. [35] In 2023 Lukoil is planning to double the production of oil from the Iraq project, West Qurna Field 2, to 800,000 bpd. [36]
The diplomatic standoff arose when on 24 June 2024 [1], Ukraine tightened sanctions, which were imposed on 21 June 2018 [2], against Lukoil — Russia's largest private oil firm — which included a ban Lukoil on oil supplies and the assignment of its contractual obligations to supply oil to Hungary and Slovakia through the Druzhba pipeline to ...
West Qurna-1, in southern Iraq, has a reserve of about 8.7 billion barrels of oil. [28] In 2009, Shell was granted 15 percent of the field for development. [ 28 ] ExxonMobil , which manages West Qurna-1, produces about 405,000 b/d.
Al-Qurna District (Arabic: قضاء القرنة) is a district of Basra Governorate, Iraq. Its seat is the town of Al-Qurna. The West Qurna Field is located in the district. The Iraqi marsh lands, which are known as the Garden of Eden, surround this area in the lower part of the Mesopotamian basin.
The removal of sanctions on 24 May 2003 and rising oil prices in the mid-to-late 2000s led to a doubling in oil production from a low of 1.3 mbpd during the turbulence of 2003 to a high of 2.6 mbpd in 2011. [23] Furthermore, reduced inflation [24] and violence [25] since 2007 have translated to real increases in living standards for Iraqis.
The Rumaila oil field is a super-giant oil field [1] located in southern Iraq, approximately 50km to the south west of Basra City. [2] Discovered in 1953 by the Basrah Petroleum Company (BPC), an associate company of the Iraq Petroleum Company (IPC), [3] [4] [5] the field is estimated to contain 17 billion barrels, which accounts for 12% of Iraq's oil reserves, estimated at 143 billion barrels.
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