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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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