In this list

Lukoil files development plan for Iraq's Eridu oil field, country's largest discovery in 20 years

Commodities | Energy | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Shipping | Tankers

Dark ship-to-ship transfers keep Russian oil flowing despite sanctions

Energy | Oil | Crude Oil

Platts Crude Oil Marketwire

Energy | Oil | Energy Transition

APPEC 2023

Energy | Electric Power | Natural Gas | Oil | Nuclear | Crude Oil

FEATURE: Namibia seeks to pacify booming oil sector after fiscal terms confusion

Energy | Energy Transition | Petrochemicals | Oil | Coal | Natural Gas | Agriculture | Electric Power | Hydrogen | Emissions | Carbon | Polymers | LPG | Refined Products | Aromatics | Fuel Oil | Jet Fuel | Gasoline | Crude Oil | Biofuels | Renewables | Electricity

Insight Conversation: Saif Humaid al Falasi, ENOC Group

For full access to real-time updates, breaking news, analysis, pricing and data visualization subscribe today.

Subscribe Now

Lukoil files development plan for Iraq's Eridu oil field, country's largest discovery in 20 years


Eridu holds estimated 7 billion-12 billion barrels

Lukoil holds 60% stake in field, in southern Iraq

Could yield 250,000 b/d at peak production

  • Author
  • Dania Saadi
  • Editor
  • Herman Wang
  • Commodity
  • Oil

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.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

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.