Russian oil producer Lukoil says that it will reach production levels of 400,000 bpd at the West Qurna-2 facility in Iraq by autumn 2014.
Initial output for the site will reach 120,000 bpd by the end of May 2014, according to Lukoil’s chief executive officer, Vagit Alekperov
The West Qurna-2 field is being developed in three stages. The initial target of 400,000 bpd will rise to 550,000 bpd once phase two is completed. Phase three will see the Yamama development add another 650,000 bpd to production levels.
The company plans to invest around $20 billion in 2014, which matches 2013 investment levels.
The project is expected to produce 1.2 million bpd at its peak, but the plans are yet to be finalised with the Iraq government.
Lukoil controls 75% of the West Qurna-2 oilfield.
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