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Lukoil CEO Vagit Alekperov (Image courtesy of Lukoil)

Lukoil announced Thursday it has signed an addendum to the West Qurna-2 field contract for investors to get faster returns.

With the changes, investors will be able to recover their costs in the same year that the costs were incurred, according to the company.

The addendum also changes the scope of work for the Tuba-Fao pipeline construction project.

The Tuba-Fao Project provides for the construction of two pipelines, up to 74 miles each, between the existing Tuba Tank Farm, and the Fao Tank Farm, the main export hub in Iraq located on the of the Persian Gulf coast.

Lukoil President Vagit Alekperov said, “The Iraqi export system requires upgrading to accommodate growing production due to a number of licensing rounds conducted in recent years. The construction of the Tuba-Fao Pipeline will provide for a direct connection between the West Qurna-2 field and the country’s largest export terminal, creating opportunities for further production growth from the field.”