Earlier this year, the Russian company said it will invest four billion dollars in West Qurna-2 in Basra, and plans to begin initial production of oil at the end of 2013 at the beginning of next 2014.

Maan told “Shafaq News” that “the company will produce 1.2 million bpd of crude oil by 2017 if all goes according to business plans.

The company has signed a contract of 20 years to develop West Qurna field - 2 in Basra in 2010.

The share of Lukoil in West Qurna-2 has increased to 75 %, after the withdrawal of its Norwegian partner. As the two companies won the contract to develop the field in 2009.

West Qurna field is considered of the giant fields in Iraq and the world, with reserves estimated at 12.9 billion barrels.

The company agreed earlier this year with the Iraqi Oil Ministry to modify the terms of investment of West Qurna field (2), by reducing the production ceiling in the field, from 1.8 million to 1.2 million bpd.

It was also agreed to increase the peak production period to 19.5 years instead of 13 years, as well as extend the duration of the contract from 20 to 25 years.