LUKOIL commenced drilling of new production wells at West Qurna-2 field as part of the second development phase. The company has so far concluded contracts to drill 57 production wells, including 54 wells at Mishrif formation and 3 wells at Yamama formation. The drilling campaign will ramp up production at West Qurna-2 from the current level of 400 thousand barrels per day to 480 thousand barrels per day in 2020.

To deliver the project LUKOIL uses an approach to cluster drilling which envisages erection of two drilling rigs at one well pad. This approach is new for Iraq and will provide for significant field development speed up and production growth within the shortest time.

Over five hundred Iraqis, residing in proximity to West Qurna-2 field, will be employed for the drilling campaign.

About West Qurna-2 field

West Qurna-2 field is located in the South of Iraq and is one of the world’s largest oil fields with around 14 billion barrels of initial recoverable reserves. In 2010 LUKOIL signed a service contract and further successfully implemented the field’s first development stage (Mishrif Early Oil project).
In April 2018 the Company signed the Final Development Plan (the second phase) which envisages reaching oil production of 480 thousand barrels per day in 2020 and production plateau of 800 thousand barrels per day in 2025.

About LUKOIL

PJSC “LUKOIL” is one of the largest publicly traded, vertically integrated oil and gas companies in the world in terms of proved hydrocarbon reserves and production; and the second largest producer of crude oil in Russia. Established in 1991, the Company currently operates in more than 30 countries with core upstream assets located in Russia. The full production cycle includes oil and gas exploration, production and refining; production of petrochemicals and lubricants; power generation; marketing and distribution providing LUKOIL with maximum synergies from its activities. The Company’s shares are listed in Russia on Moscow Exchange under the ticker “LKOH” and depositary receipts are listed on the London Stock Exchange under the ticker “LKOD”.