Русский
Iraq’s Deputy Prime Minister for Energy, Hayyan Abdul Ghani al-Sawad has discussed the progress of the project at Block 10, where the Eridu oil field is located, with delegations from Russia’s Lukoil and Japan’s Inpex.
The Lukoil delegation was represented by the company’s vice president for the Middle East, Ivan Romanovsky, the general manager of Lukoil Overseas (the operator of the Eridu field) Ilnur Kurbanov, as well as the deputy director of the company’s Iraqi branch, Gassan Sednawi. From Inpex, Senior Vice President Munehiro Hosono and Vice President for the Middle East Shinya Taoshi participated.
Block 10, with an area of 5,600 square km, is located in the Diyala and Muthanna provinces, 120 km west of Basra. In November 2024, Inpex completed the sale to Lukoil of half of its stake in the Eridu project, reducing its participation from 40% to 20%. Lukoil now owns 80%.
The Eridu field has estimated reserves of around 12.9 billion barrels, making it one of the largest oil fields in Iraq.
Lukoil, the operator of the Block 10 project, received approval of the Declaration of Commerciality and the preliminary development plan from the state company Thi-Qar Oil Company (TOC). According to project estimates, production at the field could reach 250,000 barrels of oil per day, with the estimated oil production in the first phase of 30,000 barrels per day expected to be achieved later this year.
Lukoil also produces oil at the West Qurna-2 field in Iraq, the world’s second largest, with recoverable reserves of around 14 billion barrels. Lukoil holds 75% in the project, and the Iraqi state company North Oil Company holds 25%. Currently, more than 480,000 barrels per day are produced.
Over 20 years since the United States invasion of Iraq, it is Chinese, Russian and other Asian investors who now have the majority interests in Iraq’s oil sector.
Further Reading
