Lukoil obtains approval to market Iraqi oil
Appraisal Drilling at Eridu oilfield in Iraq. Photo: Lukoil
Baghdad (IraqiNews.com) – The Russian oil company, Lukoil, announced on Monday it received an approval from Dhi Qar Oil Company (DQOC) for a request to market the reserves of the Eridu oilfield in Iraq.
Lukoil also indicated that it received an approval from the Iraqi company for the preliminary proposal to develop the Eridu oilfield within Block 10 in Iraq.
A statement issued by Lukoil mentioned that, after obtaining the approval, it will develop the Eridu oilfield in cooperation with the Japanese company, INPEX, to reach a production capacity of 250 thousand barrels per day.
Exploration work began in Block 10 in 2012, two- dimensional and three-dimensional seismic surveys were conducted, three exploratory wells and six appraisal wells were drilled, and as a result, the Eridu oilfield was discovered with an estimated reserve of 12.9 billion barrels.
The Russian company indicated in its statement that the oilfield is one of the largest oil discoveries in Iraq over the past 20 years.
In October 2021, Lukoil and INPEX applied to Iraq’s state-owned DQOC for commerciality of reserves and filed a preliminary proposal on the development of the Eridu oilfield, S&P Global reported.
The partnership between Lukoil and INPEX in Eridu development is split into 60 percent for Lukoil and 40 percent for INPEX.
Block 10, with an area of 5.8 thousand square kilometers, is located in the southern part of Iraq, 150 kilometers west of the town of Basra and 120 kilometers away from the West Qurna-2 field, according to Lukoil.