Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  NK Lukoil PAO    LKOH   RU0009024277

SummaryNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Lukoil To Produce 150,000 b/d In 2013 From Iraq West Qurna-2

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/25/2012 | 01:23pm CEST

(Adds details, quotes, background throughout.)

By Hassan Hafidh

Of

OAO Lukoil Holdings (LKOH.RS), Russia's largest non-state oil producer, aims to produce 150,000 barrels of oil a day at Iraq's West Qurna Phase 2 oilfield in 2013, an output level that triggers cost recovery and service fee payments, a Lukoil executive said Wednesday.

The 13-billion-barrel West Qurna-2 is one of the major fields alongside Rumaila, West Quran-1, Zubair and Majnoon that the member of the Organization of Petroleum Exporting Countries is developing with foreign companies in the south as it recovers from years of war and sanctions.

Lukoil will invest some $30 billion to upgrade the field, said Sergey Nikiforov, senior vice president for Development and Production at Lukoil Overseas Holding Ltd.

Lukoil will produce some 150,000 barrels a day from West Qurna-2 at the end of 2013, Nikiforov added.

"We are planning to increase output from the field to 500,000 b/d in the second quarter of 2014, he said on the sidelines of the start of drilling operations at the field in Southern Iraq.

Iraqi oil minister Abdul Kareem Luaiby, Iraq's state-run South Oil Co. and Lukoil officials Wednesday also marked the beginning of work at the field's central processing facility with a production capacity of 500,000 barrels a day. The project will be built by South Korea's Samsung Engineering Co. (028050.SE).

The West Qurna-2 oil field development project is one of 10 that Iraq awarded in two licensing rounds in 2009 and 2010. If all the companies deliver to the letter of their contracts, nearly 9 million barrels a day of capacity will be added to Iraq's existing 2.9 million barrels a day by 2017, though half that amount looks more achievable given infrastructure hurdles and logistical bottlenecks.

Operator Lukoil and Norway's Statoil ASA (STO) were awarded a 20-year service contract in Iraq's second licensing round held in December 2009. The pair promised to get the southern field pumping at a rate of 1.8 million barrels a day for payment of $1.15 a barrel.

For the undeveloped second-round oil fields, companies will start to recover investment costs and be paid for their services after initial commercial production is hit. In the case of West Qurna-2, that rate is 120,000 barrels a day.

Lukoil and its partners have awarded a series of contracts to international oil services companies, the most important of which was the $1 billion deal to Samsung Engineering Co. earlier this year.

Samsung would build many projects in the field including a central processing facility, or CPF, to produce 500,000 barrels a day from West Qurna-2. Work on the facility is expected to take 29 months to complete from start of work.

-By Hassan Hafidh, Dow Jones Newswires; +962 799 831 831; Hassan.Hafidh@DowJones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on NK LUKOIL PAO
08/26 NK LUKOIL : Implementation of Management 8 count condenser fan frequency control
08/26 NK LUKOIL : Repairs on the installation report
08/26 NK LUKOIL : supply of equipment in the GRU and GRU 2
08/26 NK LUKOIL : Delivery of electric engines Explosion protection Button
08/22 Iraq's new oil minister sticks by demand to review foreign contracts
08/18 Russian oil firm sale delay seen reflecting Kremlin pre-election unease
08/18 Timeline, key players in Russia's Bashneft modern privatisation
08/17 Russia regional boss - Bashneft sale should be postponed for up to five years
08/11 Exclusive - Iraq, oil companies agree to restart investment, boost output
08/09 NK LUKOIL PAO : Lukoil Continues Facility Construction for Second Stage of Filan..
More news
Sector news : Integrated Oil & Gas
08/26 STATOIL : No impact from Brexit on Norway gas exports to Britain - minister
08/25DJPETROLEO BRASILEIRO PETROBRAS : S&P Cuts Rio de Janeiro State's Credit Rating
08/25DJPETROCHINA : China Oil Drillers Take Hit -- WSJ
08/24DJPETROCHINA : and Cnooc Results Plunge
08/24DJPETROCHINA : and Cnooc Results Plunge
More sector news : Integrated Oil & Gas
News from SeekingAlpha
08/23 Iraq asks foreign companies to raise oil production and exports
08/16 Russia delays sale of stake in oil firm Bashneft
08/12 REUTERS : Eni in talks about stake sale in giant Egypt gas field
08/11 REUTERS : BP, Shell, Lukoil reach deal to restart Iraq oil field investments
08/02 WisdomTree Emerging Markets Dividend ETF (DVEM) July Summary
Advertisement
Financials ($)
Sales 2016 80 618 M
EBIT 2016 6 498 M
Net income 2016 4 128 M
Debt 2016 7 270 M
Yield 2016 6,00%
P/E ratio 2016 9,81
P/E ratio 2017 7,81
EV / Sales 2016 0,58x
EV / Sales 2017 0,50x
Capitalization 39 766 M
More Financials
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 47,8 $
Spread / Average Target 2,2%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Vagit Yusufovich Alekperov Chairman-Management Board, President & Director
Valery Isaakovich Grayfer Chairman
Alexander Kuzmich Matytsyn Senior Vice President-Finance
Ravil Ulfatovich Maganov Director, First EVP-Exploration & Production
Sergey Mikhailov Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
NK LUKOIL PAO39 766
PETROCHINA COMPANY LIM..-11.26%193 960
TOTAL3.19%122 587
NK ROSNEFT' PAO--.--%57 420
PETROLEO BRASILEIRO SA..85.07%55 673
ENI SPA-3.26%55 372
More Results