12:35 GMT +323 October 2016
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    MOSCOW, January 15, 2004 (RIA Novosti) -- Lukoil president, Vagit Alekperov, intends to visit Iraq in February 2004 to consider the details of a contract to develop a petroleum deposit within the framework of the Zapadnaya Kurna-2 (Western Smoky 2) project, the company told RIA Novosti Thursday.

    The company has not set a date for the visit, as it has not finished planning Mr. Alekperov's trips. "It is not yet known, when this will be - beginning, middle or end of February," a source noted.

    "The company has no other plans with respect to Iraq in the immediate future," the source added.

    The Western Smoky 2 development agreement on the conditions SRP was signed during March 1997 between the Iraqi Ministry of Oil and Gas, Lukoil, the Zarubejneft Russian Foreign Economic Union and the government enterprise, Mashinoimport Foreign Economic Association.

    The contract, under the conditions SRP, is valid for 23 years with the option to extend it 5 more years. The proven reserves are evaluated at 6 billion barrels of oil. The accumulated output at the time the contract was signed was 4.8 billion barrels of oil and 56.4 billion cubic meters of natural gas. The planned capital investment in the development of the layer is about $4 billion.

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