Lukoil oil production in Russia & Iraq declined

While oil production in Lukoil's key production areas of Russia and Iraq decreased, the company still has energy projects in the pipeline in the Middle Eastern country.

While oil production in Lukoil's key production areas of Russia and Iraq decreased, the company still has energy projects in the pipeline in the Middle Eastern country.

The head of Lukoil's upstream division said its oil output could decrease by 2 million tons in 2015, Reuters reported. In addition to the company's production in Russia, Lukoil also curbed output in Iraq.

A separate Reuters report noted that output in Iraq also decreased.

Ravil Maganov, of Russia's second-biggest oil producer, noted that current production in the West Qurna-2 field in Iraq reached between 380,000 and 390,000 barrels per day.

Maganov said earlier in the year the field was only producing 250,000 barrels.

"We were restricted to 250,000 barrels per day (bpd) due to weather and level of sulphur, we are dealing with the problem," Maganov said.

In addition to weather, other oil companies have experienced difficulties with low oil prices and conflicts with the Islamic State, according to Reuters.

Despite the decline in oil production in Iraq, Lukoil said it will construct an oil pipeline to the port of Faw in Iraq. The pipeline will have a capacity to transport 1.6 million bpd.

More information on oil and gas production in Russia can be found on PennEnergy's research area.

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