Wednesday, December 16 / December 2009 05:32
Believes Vice President Leonid Fedun Oil Company “LUKOIL” Russian to the start of production in a number of major Iraqi oil fields will generate a “revolution” in global oil markets, increasing global production of black gold by 20%.
The vice president of “Lukoil” in a statement published on Tuesday, December 15th, said he expected a 5 times increased production in Iraq over the coming years, adding that this will put restrictions on high global oil prices and would prevent the making investments in projects Oktrklvp and the difficulty in other countries.
Fedun said: “One of the directors told me that Western companies are leading in this area, the history of the oil industry soon will be divided into two stages: the pre-Iraq and post-Iraq. And I agree on this speech. We are seeing a revolution in the extraction of oil.”
And called for a Russian businessman to re-consider a number of projects dear cost in many countries of the world, including the second phase of the pipeline “Eastern Siberia – Pacific”.
Fedun pointed out that despite the persistence of terrorist acts in Iraq, the political situation remains stable in the country, and the oil fields are situated in relatively quiet areas are not far from infrastructure. Fedun and expected to double the size of Iraq’s oil production in the coming period to 12 million barrels a day.
Fedun added that “Lukoil” plans to launch the first phase of production in the field, “the West Qurna – 2″ within 3 to 4 years of signing the contract with the Iraqi Oil Ministry. He informed Fedun, also a senior shareholders, “Reuters” that “the investment will be worth billions of dollars. This project is giant.”
Thanks for posting this, It’s just what I was looking for on yahoo. I’d much rather hear opinions from an individual, rather than a corporate site, that’s why I like blogs so much. Thanks!