The well No 139 drilled on Western Kurna-2 field in Iraq has had a flow of a high quality light oil, reported LUKoil Overseas, operator of LUKoil’s international projects.
The US Baker Hughes company is the drilling contractor and Chinese ZPEC is the sub-contractor.
The oil flow will be directed into the torch before the installation is put into operation.
Western Kurna-2 field is the second world biggest undeveloped field, extractible oil resources of which total 14 billion barrels.
“LUKoil has 75% share in the Western Kurna-2 project, Iraqi North Oil Company – 25%. LUKoil intends to start commercial oil production on the field in early 2014. In February 2013 the company agreed to reduce the oil production on the Western Kurna-2 and during ten years investments into the project will total $26 billion.
The oil production on the field totals 1.2 million barrels of oil a day (60 million tons a year), the term of the contract is 25 years. The maximum production level is expected to be reached in 2017, reported http://www.vestifinance.ru. –0--
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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