In a press statement, the Iraqi Embassy in Moscow said that Iraq has granted Lukoil a one-year grace period to either find an alternative operator for the 480,000b/d-capacity West Qurna-2 (WQ-2) oilfield or to resume operations “in case US sanctions are lifted.”
The granting of the grace period was part of a decision taken last week tasking state firm Basrah Oil Company with managing the field amid Iraqi concerns that sanctions on the Russian private firm may disrupt operations (MEES, 9 January). (CONTINUED - 118 WORDS)