Lukoil extracts crude

Russia’s Lukoil has succeeded in loading its first cargo of crude from the new West Qurna-2 field in southern Iraq, despite the escalating violence in the country.

It said on Tuesday it had shipped 1m barrels on Thenamaris' 150,000-dwt Seatriumph (built 2002) from Basra, bound for Augusta in Sicily, Reuters reported.

Lukoil has a 75% stake in the field, whose output is expected to reach 1.2m barrels per day (bpd). It has reserves of 13bn barrels.

The Russian energy group said three weeks ago that production at West Qurna-2 has increased to 280,000 bpd since commercial production started in March at a rate of 120,000 bpd.

Despite Islamic State incursions in the north, the south of Iraq is currently stable, it added.

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