US EditionIraq Moves to Take Over Operations at West Qurna 2
7 Articles
7 Articles
Iraq Moves to Take Over Operations at West Qurna 2
The Iraqi government has approved a move to take over operations at the West Qurna 2 oilfield under provisions in its technical service contract with Russia’s Lukoil, following the company’s declaration of force majeure in November, Reuters reported on Wednesday. The step allows Iraq to ensure continued production after Lukoil cited operational constraints linked to Western sanctions on Russia. West Qurna 2, one of Iraq’s largest producing fiel…
The Iraqi Cabinet has approved plans for the nationalization of one of the world's largest oil fields, "West Kurna II", which was managed by "Lucoil", which was under US sanctions, reports Reuters. "The oil company Basra Oil Company, a State-owned oil company, will now manage the field for a year." "We are seeking to maintain uninterrupted production, as Iraq is overcoming uncertainty about US sanctions, and will search for potential Lucoil buye…
Iraq To Nationalises West Qurna 2 To Safeguard Oil Output
Iraq’s cabinet has endorsed plans to nationalise operations at the West Qurna 2 oilfield—one of the world’s largest—in a bid to prevent potential disruptions linked to U.S. sanctions on Russian stakeholder Lukoil. State-run Basra Oil Company will take over the oilfield’s operations for 12 months, two officials at the firm told Reuters. “We aim to […] The post Iraq To Nationalises West Qurna 2 To Safeguard Oil Output appeared first on StratNews G…
The Council of Ministers of Iraq approved the assumption by the State-run Basra Oil Company of the management of oil operations in the West Qurnah 2 field, in accordance with the terms of the service contract signed with the Russian company Luc Oil, in accordance with an official statement. According to the statement, the Council authorized the company to obtain the approval necessary to finance the operations through the calculation of the oil …
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