Iraq Approves Russian Firm's Oil Development Plans

Russia's LUKoil and Japan's INPEX South Iraq Ltd have received approval from Iraqi state-owned Thi-Qar Oil Company (TOC) for "Declaration of Commerciality of Reserves and Outline Development Proposal" for the Eridu [Arido] oilfield located within Block 10 in Iraq.

Following approval by TOC (also known as Dhi Qar Oil Company, DQOC), LUKoil and Inpex are planning to proceed with the implementation of the Eridu oilfield development plan targeting 250,000 barrels per day production.

Geological exploration at Block 10 started in 2012, 2D and 3D seismic surveys have been carried out, three exploration and six appraisal wells have been drilled.

These activities resulted in discovery of the Eridu oilfield with estimated reserves of 12.9 billion barrels. The field is one of the largest petroleum discoveries in Iraq over the last 20 years.