Particularly, the amendment contemplates transfer of Statoil’s 18.75% project participation interest to LUKOIL. The parties have also agreed to reduce the project's target production level from 1.8 mln. bpd to 1.2 mln. bpd, as well as to extend the period of target production maintenance from 13 to 19.5 years and to prolong the total validity of the contract from 20 to 25 years.
New basic project parameters will be taken into consideration during preparation of the Final Development Plan for West Qurna-2 field which shall be presented to the Iraqi party in the 1st quarter of the current year.
LUKOIL’s President Vagit Alekperov said that "modified project parameters contribute to reach LUKOIL production and economical milestones and considerably reduce risks emerging in the course of project implementation".