West Qurna-2 has around 14 billion barrels of reserves in place. West Qurna 2 has long been able to produce a lot more than the 400,000 bpd it currently produces. Russian operator Lukoil has been receiving an exceptionally low remuneration rate per barrel. Changes in the stance of both Baghdad and Lukoil could mean that the original deal to boost production to at least 1.13 million bpd will finally go ahead. Given the historically elevated oil and gas prices that have resulted from Russia’s invasion of Ukraine, and the lack of a meaningful shift in OPEC+ production policy to reverse this trend, news that Iraq’s supergiant West Qurna 2 oilfield is now fully back online will be welcomed by those countries whose economies are already being damaged by high hydrocarbons’ prices. Despite Russian oil giant, Lukoil, being the prime operator of the 400,000-plus barrels per day (bpd) field, the […]