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Lukoil and Inpex get approval to develop major Iraqi oil field

7 March 2023

Russia’s Lukoil and Japan’s Inpex have received approval from Iraqi state-owned Thi-Qar Oil Company (TOC) to develop the Eridu oil field in Iraq.

TOC has approved the proposed “outline development proposal” that was submitted, as well as a “declaration of commerciality of reserves”.

The approval paves the way for the development of the field, which is located within the Iraqi licensing area known as Block 10.

Following TOC’s approval, Lukoil and Inpex plan to implement the Eridu oil field development plan, targeting 250,000 barrels a day (b/d) of production.

Geological exploration at Block 10 started in 2012. Since then, both 2D and 3D seismic surveys have been carried out.

Additionally, three exploration and six appraisal wells have been drilled.

The exploration activities resulted in the discovery of the Eridu oil field with estimated reserves of 12.9 billion barrels.

The field, sometimes called the Arido oil field, is one of the largest petroleum discoveries in Iraq over the past 20 years.

Production from the field is expected to reach 30,000 b/d in 2025, according to Iraq’s Deputy Prime Minister and Minister of Oil Hayyan Abdul Ghanni, who spoke at a ceremony on 6 March.

Block 10 covers an area of 5,500 square kilometres and is located 120km to the west of the city of Basra.

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Wil Crisp

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