Azerbaijan, Baku, Jan.18/ Trend, A.Tagiyeva /
Iraq extended an agreement with Russian company "Lukoil" to develop the "West Qurna-2" field from 20 to 25 years, Spokesman for the Iraqi Oil Ministry Asym Jihad told Trend on Friday.
In addition, an agreement was signed between the parties to transfer an 18.75-percent share of Norwegian "Statoil" company to "Lukoil", as a result of which the share of Russian company in the "West Qurna-2" field was 75 percent, Jihad said.
He said within the agreement, it was agreed to reduce oil production at this field from 1.8 million barrels to 1.2 million barrels of oil per day.
Earlier Jihad told Trend that the total volume of investments in the West Qurna-2 project will hit about $25 billion.
The field is located in the province of Basra in the south of the country. Iraq and Lukoil concluded the agreement on its development on March 22, 2012.
According to BP, Iraq's proven oil reserves amounted to 143.1 billion barrels as of late 2011. The country ranks third in OPEC after Saudi Arabia and Iran.
BP reported that oil production in Iraq amounted to 2.798 million barrels per day in late 2011.
In December 2012 oil exports from Iraq amounted to 2.6 million barrels per day.
The major oil fields of Iraq are Rumaila, Zubair, Nahr Umr, Majnoon and West Qurna in the south of the country. About 80 per cent of oil extracted in Iraq, is exported.