Lukoil Pumps Oil at West Qurna-2, Sees Sales by Year-End
OAO Lukoil (LKOH), Russia’s second-largest oil producer, pumped the first oil from the West Qurna-2 project in Iraq and expects to start sales this year, helping the war-ravaged nation expand output and rebuild its energy industry.
Iraq overtook Iran last year as the Organization of Petroleum Exporting Countries’ second-largest crude exporter after Saudi Arabia, as it recovers from years of war. Output from West Qurna-2, one of the nation’s largest oilfields, will increase to 400,000 barrels a day by the end of 2014, Lukoil Chief Executive Officer Vagit Alekperov said last month.
Russia’s largest oil producer is state-run OAO Rosneft.
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