Gulf Oil and Gas accountACCOUNT

Lukoil Signs Addendum to West Qurna-2 Contract in Iraq

Source: www.gulfoilandgas.com 6/5/2014, Location: Middle East

LUKOIL President Vagit Alekperov and authorized representatives of the South and North Oil Companies of Iraq in the presence of the Minister of Oil of Iraq H.E. Abdul Kareem Luaibi signed an addendum to the contract for development and production of oil in the 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, in the same year when respective costs were incurred.

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

“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", LUKOIL President Vagit Alekperov said.

Development News in Iraq >>

Indonesia >>  3/11/2019 - Coro Energy, the South East Asian focused exploration and production company, has announced that the Minister of Energy and Mineral Resources has appr...
Iran >>  3/8/2019 - POGC's CEO explained the work priorities of this company in the next Iranian calendar year (from March 20 on), saying that south pars phase 14, gas fi...

Mexico >>  3/7/2019 - The Field Development Plan for DEA’s operated oil field Ogarrio Onshore Mexico has been approved by the National Hydrocarbons Commission (CNH). ...
Mauritania >>  2/26/2019 - Golar LNG Limited announces that Gimi MS Corporation, a newly incorporated subsidiary of the Company, has entered into a 20-year Lease and Operate Agr...

Trinidad and Tobago >>  2/26/2019 - BP Trinidad and Tobago (BPTT) announced first gas production from its Angelin development. The project was delivered on time and under budget. ...
Norway >>  2/21/2019 - Neptune Energy has submitted development plans for the Duva (PL636) and Gjoa P1 (PL153) projects in the Norwegian sector of the North Sea. First produ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Iraq Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 |

Oil & Gas Projects in Iraq >>

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.