Iraq's southern oil field of West Qurna 2, which is operated by Lukoil, is expected to reach peak production of 800,000 b/d by 2027, the country's oil minister said Nov. 19, as OPEC's second biggest producer seeks to hit a production capacity of 8 million b/d by the end of that year.
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Ihsan Ismaael didn't provide current production figures for the field in the interview with state-run Iraqi News Agency.
In May 2018, Lukoil signed a new development plan that provides for an oil production plateau of 800,000 b/d, according to the company's website.
West Qurna 2 is one of the world's largest oil fields with around 14 billion barrels of initial recoverable reserves, according to Lukoil's website. The field pumps around 9% of Iraqi total oil production.
Lukoil holds a 75% interest in West Qurna 2 with the rest held by state-owned North Oil Co.
Lukoil has submitted to Iraq's oil ministry a preliminary development proposal for Eridu field, which may yield 250,000 b/d at peak, the ministry said in a Nov. 12 statement.
The proposal's submission will allow the ministry to study and approve the field's development, the ministry said at the time.
Initial indications point to Eridu holding potential resources ranging between 7 billion and 12 billion barrels, the ministry added at the time.
The field, which is located in Block 6 in southern Iraq, was discovered in 2016.
Lukoil holds a 60% interest in the field and Japan's Inpex Corp. has 40%.
In October 2021, Lukoil and Inpex applied to Iraq's state-owned Thi Qar Oil Co "for commerciality of reserves and filed a preliminary proposal on the development of the Eridu oil field within Block-10," it said in a Nov. 11 statement
"Geological exploration proved significant reserves, making Eridu the largest discovery in Iraq in the last 20 years," Lukoil said.
Iraq, which currently has a production capacity estimated at 5 million b/d, wants to boost its capacity to 8 million b/d by 2027, Ismaael said Oct. 6.