West Qurna-2 oilfield overview:
In Jan-2010, Statoil and Lukoil signed a development and production contract for West Qurna-2 with the Iraq authorities;
Preliminary Development Plan was approved by Iraqi authorities in
Recoverable reserves of 12.9 billion barrels;
Proved Reserves of 110.2 MMbbl in the preliminary development stage that takes account of volumes brought into the first stage of development. However, significant increase of reserves is expected in the future as drilling over of the field continues in the second development stage;
Drilling of 67 wells;
First oil is planned in late 2012/early 2013;
Expected to be in full production for 13 years from 2017;
Ownership structure: State-owned North Oil Company (25%), Lukoil (56.25%) and Statoil (18.75%).
Foreign companies operating in Iraq have encountered difficult working conditions, excessive bureaucracy and unattractive rates of return. It would be the first re-sale of energy assets awarded to international companies during Iraq’s 2009 auction round, the Middle East Economic Survey (MEES) reported.
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