Iraq proceeds with Eridu field development

BAGHDAD, March 9, 2023 – Lukoil and Japan’s Inpex have been given the green light by state-owned Thi-Qar Oil Company to develop the Eridu oilfield in Iraq, the Russian energy giant announced on Friday.

Thi-Qar Oil Company approved the declaration of commerciality of reserves and outline development plan for the field, targeting production of 250,000 bpd.

The asset is located on Block 10 in the south of Iraq around 120 kilometres west of Basra and 150 kilometres from the West Qurna 2 field, the latter of which Lukoil holds a 75% operating stake.

A total of three exploration wells and six appraisal wells have been drilled on the concession following geological surveys of the asset beginning in 2012.

The Eridu field holds estimated reserves of 12.9 billion barrels of oil.

Russian energy company Lukoil holds a 60% stake in Block 10, along with Japanese oil and gas player Inpex with a 40% share.

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