LUKOIL Pushes Forward its Social Program in Iraq - WCAX.COM Local Vermont News, Weather and Sports-

LUKOIL Pushes Forward its Social Program in Iraq

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SOURCE LUKOIL Overseas

MOSCOW, March 21, 2013 /PRNewswire/ --

LUKOIL began supplying computers and other equipment for schools of Madeina and Izzaldin-Salim municipalities in Iraq under the social program of West Qurna-2 project.

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The program aims at developing facilities of educational, medical and sports institutions in the districts bordering on the contract area.

This work is based on agreements concluded with the administrations of Madeina, Izzaldin-Salim and Al-Qurna municipalities. In 2013 LUKOIL will finance the purchase of computers and equipment for 32 schools in the region. In addition, 10 classes will be arranged and equipped for high school students within the existing elementary schools, modern equipment was provided for central municipal hospitals and sports centers and a number of other social projects were implemented. All projects are being implemented by Iraqi contractors selected as a result of municipal tenders.

LUKOIL is active in engaging local population in construction of West Qurna-2 field facilities. 5700 Iraqis or 77% of the total manpower working on the field are now employed by West Qurna-2 contractors and subcontractors. Another 345 Iraqis receive training in a training center established by LUKOIL.

About LUKOIL Overseas

LUKOIL Overseas oil and gas company is an integral part of the Russian oil group LUKOIL. The Company is engaged in upstream operations outside Russia. LUKOIL Overseas manages 27 oil and gas production and exploration projects in 12 countries. Web-site: http://www.lukoil-overseas.com

About West Qurna-2 Project

In 2009, a consortium of LUKOIL and Norway's Statoil won a tender for the development of the West Qurna-2, one of the largest undeveloped fields in the world with recoverable reserves of about 13 billion barrels. In May 2012 LUKOIL increased its interest to 75% due to Statoil. First commercial oil production is scheduled for 2013-2014. The "Early Oil" Stage covers approaching the plateau production of 150.000 barrels per day by the end of 2013, and 400.000 barrels per day by late 2014. On January 17, 2013, an additional agreement to the contract was signed, which particularly sets forth the target production rate (1.2 MMB of oil per day), plateau production period (19.5 years) and extension of the overall contract term to 25 years. Total investment in the project will exceed $20 billion within the next 10 years.

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