Momentum is building at Block 10’s Eridu field (Lukoil 60%op, Inpex 40%) as the partners edge closer toward commercial production at what looks set to be Iraq’s biggest oil discovery in decades. Previous estimates put the field’s reserves at 2.5bn barrels (MEES, 12 October 2018), but Iraq Oil Report quoted Iraqi officials this week speculating that reserves could be as high as 7-10bn barrels per recent appraisal drilling.
The Russian firm, which also operates 400,000 b/d West Qurna-2, appears optimistic that Eridu will come online in 2021. The firm’s CEO Vagit Alekperov says “we will complete the exploration phase in 2020, and we hope that in fall [2019] or early next year we will proceed to negotiations on the commercialization of these discoveries. The contract has been signed, there our agreed premium is $6/B. We will not change the contract.” (CONTINUED - 198 WORDS)