Iraq Supports Expansion Of Lukoil Investments In Country - Oil Minister

Iraq Supports Expansion of Lukoil Investments in Country - Oil Minister

Iraq's ministry of oil supports Russian energy company Lukoil expanding its investments in the country's oil fields, Minister Ihsan Abdul Jabbar told Sputnik on Monday

BAGHDAD (Pakistan Point News / Sputnik - 03rd May, 2021) Iraq's ministry of oil supports Russian energy company Lukoil expanding its investments in the country's oil fields, Minister Ihsan Abdul Jabbar told Sputnik on Monday.

In late April, Lukoil President and CEO Vagit Alekperov and the Iraqi authorities discussed investment projects for the development of the middle Eastern country's oil and gas fields.

"The oil ministry is disposed to support Lukoil's projects ... and the expansion of its investments in Iraq," the minister said.

Lukoil is currently operating at the Iraqi oil fields of West Qurna-2 and Eridu.

The West Qurna-2 oil field in southern Iraq is one of the largest in the world with estimated recoverable reserves of 12.9 billion barrels. Lukoil owns 75% of the West Qurna-2 oil field development project, with the remaining share of 25% belonging to Iraq's North Oil Company.

The Eridu field was discovered by Lukoil in 2016 and became the biggest oil fund for Iraq over the past two decades.