Lukoil signs addendum to Iraqi oilfield contract

Jun 09, 2014 12:00 AM

Russia’s Lukoil has signed an addendum to the contract for development and production of oil in Iraq’s West Qurna-2 field

According to the addendum, the scope of work for the West Qurna-2 project will include the Tuba-Fao pipeline construction and will provide for changes in the procedure of the project investors’ costs recovery.

Changes concerning the cost recovery will allow investors to recover their costs within a shorter period of time, the company said.

The Tuba-Fao project provides for the construction of two pipelines, up to 120km each, between the existing Tuba Tank Farm and the Fao Tank Farm, the main export hub in Iraq located on the of the Gulf coast.

Lukoil added that pre-investment study has already been completed for the Tuba-Fao project, which foresees a direct connection of the pipeline to single-point mooring facilities and upgrading the pumping systems of the Tuba Tank Farm.

Vagit Alekperov, president of Lukoil, said, “The Iraqi export system requires upgrading to accommodate growing production due to a number of licensing rounds conducted in recent years. The construction of the Tuba-Fao Pipeline will provide for a direct connection between the West Qurna-2 field and the country’s largest export terminal, creating opportunities for further production growth from the field.”

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