Iraq approves sale of Inpex stake in Eridu oil field discovery
Japanese firm is set to sell its minority share in the Lukoil-operated project as the start of commercial production approaches.
Iraqi Oil Minister Hayyan Abdulghani (center right) attends a ceremony on March 6, 2023 with representatives of Lukoil and Inpex to mark the declaration of commerciality and finalization of a development plan for the Eridu oil field. (Photo credit: Lukoil)
NASSIRIYA - Japan’s Inpex has received approval from the Oil Ministry to sell its 40 percent stake in the Block 10 exploration area operated by Russia’s Lukoil, which contains the Eridu discovery, according to two Iraqi oil officials.
The company’s exit comes months after Lukoil, which holds 60 percent in the block as operator, said in March that the state-owned Dhi Qar Oil Company (DQOC) had given approval to declare commerciality of reserves and proceed with development of Eridu, one of the biggest oil discoveries in southern Iraq in the last 20 years.
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