Iraq, Lukoil finalize West Qurna 2 production drop

Russian oil major Lukoil has renegotiated its contract for the West Qurna 2 oil field, reducing the production target from 1.8 million barrels per day (bpd) to 1.2 million bpd.The move represents a first step by the Iraqi Oil Ministry to rectify its overly ambitious production targets and to preserve the health of the country's massive reservoirs. Under a series of contracts awarded between 2009 and 2011, the ministry had been targeting more than 13.5 million bpd of production capacity with...