Russia's Lukoil Energy Giant, Iraq Discuss Oilfield Investments

MOSCOW (UrduPoint News / Sputnik - 23rd April, 2021) The CEO of the Russian energy corporation Lukoil, Vagit Alekperov, and the Iraqi authorities discussed investment projects for the development of the Arab country's oil and gas fields, the company said.

Alekperov, who paid an official visit to Baghdad with the Russian delegation headed by Deputy Prime Minister Yury Borisov, met with Iraqi President Barham Salih, Prime Minister Mustafa Kadhimi, Oil Minister Ihsan Abdul Jabbar and Foreign Minister Fuad Hussein.

"The parties discussed the priority areas of Russian-Iraqi cooperation, including the creation of conditions for further investments in the development of oil and gas fields in Iraq," Lukoil said in a statement.

The talks were held in advance of the session of the Russian-Iraqi commission on trade, economic, the scientific and technical commission that will take place later this year in Moscow.

Borisov and the senior Iraqi officials discussed cooperation in trade and industry, joint projects in the energy sector and the prospects of expanding the export of Russian machinery, pharmaceutical and agricultural products.

The West Qurna-2 oilfield in southern Iraq is one of the largest in the world with estimated recoverable reserves of 12.9 billion barrels. 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.

The Eridu field was discovered by Lukoil in 2016, which became the biggest oil field discovery for Iraq over the past two decades.