LUKOY - Lukoil plans Iraq oil output boost

Lukoil ([[LUKOY]] +2.9%) is reportedly seeking to develop new oilfield projects in Iraq, even during plunging commodity prices and OPEC+ supply cuts have compelled the company to slash production in the country, according to Bloomberg.The company pumped 400,000 barrels a day last year at its West Qurna 2 project in Iraq, and it plans to boost output in 2020. Instead, Lukoil has reined in production to 280,000 barrels a day to help Iraq comply with its quota under the global supply-cuts agreement."While it expects for now to keep output levels unchanged, Lukoil will “soon” submit proposals to Iraqi authorities to develop a separate area in the south known as Block 10." , said Egor Zubarev, managing director of the company’s Middle Eastern business.The company says that Iraq is “undoubtedly” one of Lukoil’s “prioritized regions,”. Lukoil has a 75% stake in West Qurna 2 and is working on projects to explore other

For further details see:

Lukoil plans Iraq oil output boost