Russia’s Lukoil earned revenue of more than $1.53 billion from Iraq’s West Qurna-2 project during the first half of 2015, a report said.

The amount included cost recovery of $1,475 million and remuneration fee of $60 million, explained the Iraq Business News report, highlighting that the company accrued revenues of $1,179 million in the first half of 2014.

Attributable amount of 4.4 million tonnes or 30.26 million barrels, of crude oil was included in Group’s crude oil production for the first half of 2015 that represented approximately 52 per cent of total production from the field, the report said.

Lukoil received 4.7 million tonnes at a cost of $1.68 billion of crude oil from the Iraqi party as a debt settlement within the cost compensation, the report said.

The project’s target production level is 1.2 million barrels per day and the total term of the contract is 25 years, the report said.