Lukoil Pumps Oil at West Qurna-2, Sees Sales by Year-End

OAO Lukoil, 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.

Well 139, completed by U.S. contractor Baker Hughes Inc., produced high-quality light oil following perforation, Lukoil’s overseas arm said in its corporate magazine.

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.

Before it's here, it's on the Bloomberg Terminal.