INPEX, Lukoil partner to develop Iraqi oil fields
Recently, INPEX, Japan's largest oil and gas company, and Lukoil, the Russian oil giant, completed research on the joint development of Iraq's Eridu Oilfield. The Eridu Oilfield is located in Block 10, about 120 kilometers west of Basra in southern Iraq, with preliminary proven crude oil reserves ranging from 7 billion to 10 billion barrels. The project is said to aim to produce 250,000 barrels per day of crude oil. Lukoil will own a 60% interest in the project, with INPEX holding a 40% stake through its subsidiary.
Lukoil announced that it has received approval from the Iraqi National Oil Company for the development of the field. The next step will be to submit a more detailed plan and, if approved, an investment decision will be made. The investigation of the development of the Eridu Oilfield by the two parties began around 2017, and the two parties recently confirmed its commercial reserves. Through the development of this project, INPEX will increase the proportion of self-development, which is conducive to the stable procurement of its energy.
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