LUKoil launches production drilling at Iraqi West Qurna-2 oilfieldApril 25, 2012 - 17:10 AMT PanARMENIAN.Net - Russia's largest private oil firm LUKoil started production drilling and construction of an oil processing unit on the giant West Qurna-2 oilfield in Iraq on Wednesday, April 25 the company said in a statement, according to RIA Novosti. "Upon reaching the production volume of 150,000 barrels per day, LUKoil will receive the right to reimburse expenses and receive remuneration. After the initial expenses are reimbursed, the project will turn into a self-financing entity," LUKoil President Vagit Alekperov was quoted as saying. "Total investment in the full-scale project implementation will come to around $25 billion," he added. In 2009, a consortium comprising LUKoil and Norway's Statoil won a tender to develop West Qurna-2, one of the world's largest oilfields with recoverable reserves estimated at 12.9 billion barrels of oil. LUKoil plans to launch production at the field in early 2014. The project's core shareholders include LUKoil with 56.25 percent, Iraq's state-owned North Oil Company with 25 percent and Statoil with 18.75 percent. This March Statoil said it would transfer its stake to LUKoil and leave the project. The deal is scheduled to be closed in May 2012. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. |