PERM (Sputnik) — He also stressed that oil output at the West Qurna-2 field had reached 400,000 barrels of oil per day or around 20 millions metric tons per year.
"We continue the work on development of this field, and are preparing to launch the second phase, which will increase oil production by 27 million tons," Ravil Maganov said at the annual meeting of shareholders.
Maganov noted that after implementation of all three development stages at the field, production is expected to reach 64.2 million tons.
LUKoil is involved in several projects in Iraq, including the development of West Qurna-2, which is one of the largest oil fields in the world.
LUKoil owns 75 percent of the West Qurna-2 oil field development project, with the remaining share of 25 percent owned by the Iraqi North Oil Company.
