LUKOIL hopes to begin drilling on block West Qurna-2 to the end of this year

LUKOIL expects speedy approval of its tender offers and in a hurry to begin drilling on the West Qurna-2 to the end of the year.

"We hope that by October, the Iraqi Ministry approves all of our tender offers," - the London-listed company's chief executive Vagit Alekperov, Lukoil's CEO, told Dow Jones on Friday, September 16.
LUKOIL plans to start repeatedly voiced oil on West Qurna - 2 in 2013.
The consortium of LUKOIL and ConocoPhillips lost a tender for the development of the West Qurna - -1, but the consortium of Exxon Mobil - Royal Dutch Shell won the contract in 2009.
Then the friendship is over, and the Americans at all sold shares of LUKOIL.
LUKOIL must successfully complete the contract on the West Qurna - -2.
Proven oil reserves of the West Qurna - -2 are estimated at almost 13 billion barrels.
LUKOIL, in partnership with the Norwegian Statoil, hopes to achieve the production level of 1.8 million barrels per day for the duration of their 20-year service contract. It is 1.5 times more than going to get Eni’s consortium on the field Zumayr.
LUKOIL owns 56.25% stake in the field, while the Iraqi state oil company owns the North 25% stake, and Norway's Statoil holds the remaining 18.75%.
LUKOIL and Statoil in a hurry to ramp up production quickly, because they won a technical service contract on a rigid margin of $ 1.15 U.S. dollars per barrel.