Lukoil has submitted to Iraq's oil ministry a preliminary development proposal for Eridu field, which may yield an estimated 250,000 b/d at peak, helping OPEC's second biggest producer in its efforts to boost crude production capacity.
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The proposal's submission will allow the ministry to study and approve the field's development, the ministry said in a Nov. 12 statement.
Initial indications point to Eridu holding potential resources ranging between 7 billion and 12 billion barrels, the ministry added.
The field, located in Block 6 in southern Iraq, was discovered in 2016. Lukoil holds a 60% interest in the field and Japan's Inpex Corp. 40%.
In October 2021, Lukoil and Inpex applied to Iraq's state-owned Thi Qar Oil Co for "for commerciality of reserves and filed a preliminary proposal on the development of the Eridu oil field within Block-10," it said in a Nov. 11 statement
"Geological exploration proved significant reserves, making Eridu the largest discovery in Iraq in the last 20 years," Lukoil said.
Lukoil currently operates Iraq's southern West Qurna 2, one of the world's largest oil fields with around 14 billion barrels of initial recoverable reserves, according to its website. The field pumps around 9% of Iraqi total oil production.
Lukoil holds a 75% interest in West Qurna 2 and Iraqi state-owned North Oil Co. the remainder.
Iraq is aiming to boost its crude production capacity from 5 million b/d to 8 million b/d by the end of 2027, oil minister Ihsan Ismaael said Oct. 6.