For the first time in the company's history, PJSC LUKOIL has as of December 29, 2015, stepped over the boundary of 100 million tons of produced oil annually.
The increase in LUKOIL's production in 2015, versus the previous year, amounted to 3.5% or 3.4 million tonnes.
This was made possible through the oil production increase in the European part of Russia (in particular – in the Timan-Pechora and Perm Regions, northern Caspian) and West Qurna-2 field in Iraq.
Since its launch in March 2014, cumulative production of Iraq’s West Qurna-2 field, operated by PJSC LUKOIL, exceeded 30 million tonnes of oil.
On December 24, 2015, LUKOIL achieved its annual production target for the West Qurna-2 field in full: 20 million tonnes of oil were produced since the beginning of the year. As of December 25, 2015, the field production capacity totals 450,000 barrels (approximately 66,000 tonnes) of oil per day.
West Qurna-2 – one of the largest oilfields in the world – is located in Southern Iraq, 65 kilometers from the town of Basrah. The project development stakeholders are the South Oil Company of Iraq’s Ministry of Oil (on behalf of the state) and a consortium of contractors comprising LUKOIL (75%) and the Iraqi state-owned North Oil Company (25%).