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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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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