The Chief Executive of Russia’s Lukoil has said he expects further investment in Iraq, now that the country “actively repaying” the international oil companies for their investment in the country.
Vagit Alekperov (pictured) told Reuters: “Iraq is very actively repaying the operators. The situation has changed dramatically. “We know about the IMF talks and we know that the IMF makes it conditional for Iraq to pay back the contractors. “We hope they pay back all debts by November so we can start a new investment cycle before the end of the year. Our long-term Iraqi production goal remains intact – 1.2 million barrels per day. Iraqi fields have huge potential.”
Lukoil is producing 0.4 million bpd in Iraq and if it did triple output at the West Qurna field, the country would be able to produce more than 5 million bpd.