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News // Russia

Russia's oil and gas investments in Iraq exceed $10 billion

28 February 2019 , 14:08Neftegaz.RU465

Baghdad, February 28 - Neftegaz.RU. The Russian investments in the Iraqi oil and gas sector have amounted to more than $10 billion, the independent Iraqi al-Mashriq newspaper reported on February 27.

 

«As far as I know, the Russian companies intend not to stop at this investment volume,» Russian Ambassador to Iraq Maksim Maksimov was quoted by the newspaper as saying.

 

«Russia's Lukoil project in the field West Qurna 2, in Basra, which began to extract oil in March 2014, reached 400,000 barrels per day,» he said. Lukoil is continuing another oil project in the provinces of Muthanna and Dhi Qar in southern Iraq, Maksimov added.

 

Another Russian company Gazprom «is also involved in the implementation of the Badra oil field in Iraq's eastern province of Wasit,» the ambassador noted.

 

Iraq's economy relies heavily on crude oil exports, which account for more than 90 % of the country's revenues. In 2017, Iraq announced that its proven oil reserves increased to 153 billion barrels from a previously estimated 143.1 billion barrels.

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