RPT-UPDATE 1-Iraq's West Qurna to hit 120,000 bpd in 2012

Tue Apr 27, 2010 7:17pm IST

Stocks

   

(Repeats with no change to text)

* W.Qurna II oilfield to hit 120,000 bpd in 2012

* Political situation not causing delays to development work

(adds details)

KUWAIT, April 27 (Reuters) - Production at Iraq's West Qurna phase two oilfield will hit 120,000 barrels per day (bpd) in 2012, a senior executive from Norway's Statoil (STL.OL) said on Tuesday.

Statoil along with its consortium partner Russian energy company Lukoil (LKOH.MM) have already started issuing tenders for work at the field, said Kjetil Tonstad, vice-president for International Exploration and Production, Middle East.

Development work at Iraq oilfields were moving ahead swiftly and the political situation has had no impact, he said.

"Execution is going full speed ahead despite the political situation, there is no delay caused by the political situation so far," he said.

Lukoil and Statoil sealed the 20-year deal to develop the West Qurna Phase Two, a 12.9 billion barrel oilfield in the south, in an auction in December.

(Reporting by Simon Webb; Editing by Amanda Cooper)

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