Lukoil intends to double its oil production in Iraq

2016/06/01 16:48


Russian Lukoil revealed, on Thursday, a plan to increase oil production rates in Iraq, indicated that negotiations with Iraq to agree on terms of service contracts.

Said the Russian company Lukoil alone on Uzbekistan in comments to Interfax, vassal (range), "we met with the Iraqi oil Ministry Undersecretary Fayyad grace", stating that "Lukoil plans to increase Iraq's oil production rates."

Karpov said, that the company continue in negotiations and consultations with the Iraqi side with a view to agreeing on service between the two cops and amend certain terms of the contract, "adding that the oil Ministry wanted to continue negotiations."

The Iraqi oil Ministry, said Thursday (2 of 21 2016), talks and discussions with international oil companies to maintain levels of oil production and increase rates.

The Iraqi oil Ministry were expected, Thursday (2 June 2016), higher oil prices to $ 65 during the second half of the year 2016.

Iraq confirmed on Wednesday (25 may 2016), his intention to override parameters that hinder increased oil production and bringing it back to the standard level achieved by early 2016 current four million and 800 thousand barrels per day, while universally known economic newspaper said that turning the financial crisis facing Baghdad without realizing its ambition to produce about six million barrels by 2020.

Index was Brent register, Thursday, (26 May 2016), a rise of 1.2% to $ 50.34 a barrel for the first time this year, with analysts attributed the rise to increased demand for crude oil from the world's top oil consumers, confirmed continuing high oil prices this year.

Iraq is the second largest oil producer in OPEC, with the other members of the Organization, such as Saudi Arabia, Kuwait and the United Arab Emirates and Iran to increase oil exports in the third quarter of the current 2016, as Iraq tries to skip the standard rate for current exports to three million and 370 million barrels, during June, feel in the footsteps of other oil producers in the Middle East to increase their shares in the market shortly before the meeting of the members of the Organization of petroleum exporting countries (OPEC) early this month.