Iraqi Deputy PM discusses implementation of Block 10 project with Lukoil, Inpex

MOSCOW. Oct 8 (Interfax) - Iraqi Deputy Prime Minister for Energy Affairs 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 Iraqi Oil Ministry said.

During the negotiations, the parties also touched upon issues of cooperation in the oil and gas and energy sectors.

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 the city of Basra. As reported, in November 2024, Inpex completed the sale to Lukoil of half of its stake in the Eridu project in Iraq, reducing its participation from 40% to 20%. The Russian company thus owns 80%. Exploration work, which began on Block 10 in 2012, led to the discovery of Eridu with estimated reserves of around 12.9 billion barrels, making it one of the largest oil fields in the country in the last two decades.

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 in 2025.

Lukoil also produces oil in Iraq at the West Qurna-2 field - the second largest in the world with recoverable reserves of around 14 billion barrels. The Russian oil company 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.