The CEO Of The Russian Lukoil To NINA: These Are Our New Projects To Invest Oil In Iraq

Baghdad / NINA / - The Russian Lukoil Company disclosed a package of its new projects for oil investments in Iraq. The CEO of the Lukoil company, Vagit Alekperov, said, in a statement to the National Iraqi News Agency (NINA), that "we have major projects, including the associated gas investment project, where we recently announced a tender for a gas compression and drying station in the West Qurna 2 field, and we have another huge project that is a reservoir development project Al-Yamamah in the Qurna 2 field, "noting the discovery of reserves in Arido oil field in Dhi Qar Governorate, but this discovery is the largest of its kind in recent years. He explained, "The Russian company submitted all the necessary papers to the Ministry of Oil regarding approval of the commercial declaration as soon as possible to start early production from Arido oil field at a rate of 30,000 barrels per day agreed upon with the Iraqi Oil Ministry." He added, "We submitted another official request to the Ministry of Oil to extend the exploration period for an additional five years in the tenth block, in order to explore new promising compounds, which we hope, in cooperation with the Ministry of Oil, will increase the share of Iraq's production and the size of Iraq's oil reserves." On the arrival of the accumulated daily oil production in the West Qurna 2 field to one billion barrels, he said, "One billion barrels of oil, which means more than 40 billion dollars, will be entered into Iraq's budget, and this will contribute to supporting social projects and supporting the Iraqi state budget." Regarding renewable energy projects, the CEO of the Russian company explained, "Currently, there are no clean energy projects. We are working on new oil investments, but we have great potential in the field of renewable energy, and if the desire is received from the Iraqi Oil Ministry, we are ready to consider that."/ End