Russia’s No.2 oil producer Lukoil said on Monday it has asked the Iraqi authorities to amend the servicing contract for the West Qurna-2 oilfield to allow the company to boost production there.

Iraqi oil minister Jabar Ali Hussein al-Luaibi and Lukoil’s head Vagit Alekperov met in Baghdad, it said.

Lukoil said that Alekperov “noted the need to establish conditions for further investments in the project by making appropriate amendments to the existing servicing contract”.

“Improving the economic parameters of the project will allow the company to increase oil production at West Qurna-2 which is also beneficial for Iraqi partners,” Alekperov was quoted as saying in Lukoil’s statement.

Source: www.reuters.com