Mr. Jabbar A. Allibi the minister of oil met in his office with Mr. Vagit Alkpirov the head of Lukoil Russian Company and his entourage.
The two parties discussed during the meeting about the mutual cooperation and opening new work horizons in the oil & gas sector.
Mr. Allibi said that the ministry gives a big attention to the international companies work to develop the big oil fields such as the work of Lukoil in (West Qurna/ 2), and confirmed on raising the size of cooperation with them in order to serve the mutual interests.
Mr. Allibi said that it is necessary to enforce the relations and develop them in all the fields of the oil & gas industry which are going to be developed and expand significantly and promising with big investment chances. He pointed out that Iraq has big oil reserves estimated with (143 ) billion barrels and supposed to reach (250 ) billion barrels, in addition to the big gas reserves. He also confirmed on the plan of the ministry for the current and the next year to develop the production and invest gas, at the same time he called to expand the participation of Lukoil via the investment participation contracts in the mentioned sector or the other projects which will be started in 2017.
Mr. Allibi said that the ministry provides all the facilitations and prepares the appropriate work environment for the oil companies and the ministry has started a new period to develop the oil & gas sector and the work is continuous to develop this significant economic sector.
Mr. Alkpirov said that his company is working on to enforce the mutual cooperation and develop it with the ministry of oil and open new work horizons, as well as working on making new programs & work plans with the ministry until the achievement of the expected targets.