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The Russian oil giant Lukoil received approval from Dhi Qar Oil Company to market the reserves of the Eridu oilfield within Block 10 in Iraq, Lukoil said in a statement on Monday.
Following the approval, Lukoil, in cooperation with Japanese company Inpex, will develop the Eridu oilfield to reach a production capacity of 250,000 barrels per day.
Geological explorations at Block 10 in 2012 were followed by 2D and 3D seismic surveys, which resulted in the drilling of three exploration and six appraisal wells.
An estimated 12.9 billion barrels of oil reserves were discovered at Block 10, making it one of the largest petroleum discoveries in Iraq over the last 20 years.
