Russia’s second-biggest oil producer, Lukoil, has signed a development plan for the West Qurna-2 oil field in Iraq with local Basra Oil Company, targeting to double oil production from the field to 800,000 bpd by 2025, the Russian firm said on Friday. Lukoil holds a 75 percent interest in West Qurna-2, Iraq’s state-run North Oil Company has 25 percent, while state Basra Oil Company helps manage the distribution of the compensation and revenues. First commercial oil at West Qurna-2 was pumped at the end of March 2014. Current production at the field is 400,000 bpd, or 9 percent of Iraq’s total oil production, according to Lukoil. The boost in production will come in stages, according to the project partners’ plan. In 2020, oil production at West Qurna-2 is expected to reach 480,000 bpd. The production plateau of 800,000 bpd is planned to be achieved in 2025. “These indicators will […]