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
-
A detailed review of legislative norms and e-government services across various business environment domains has been prepared and published by the working group of the Business Environment and International Ratings Commission, focusing on electricity network connections.
-
The draft law "On Amendments to the Tax Code," adopted in its third reading, provides for tax exemptions on the sale of locally manufactured buses in Azerbaijan and the supply of spare parts for these vehicles. This was reported by the Tax Service under the Ministry of Economy, explaining that the government's initiative aims to support business development in the country by reducing the tax burden. The exemption will come into effect on January 1, 2025, and will remain valid for eight years.
-
On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
-
Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
Leave a review