Optimism swells over giant Eridu discovery
Lukoil has upgraded an assessment of its Block 10 exploration results – the latest success stemming from a 2012 contract auction that was initially seen as lackluster.
Iraq Oil Minister Abdul Karim Luaibi opens the bid from Lukoil for Block 10 on the second day of Iraq's fourth bidding round, on June 1, 2012. (BEN LANDO/Iraq Oil Report)
NASSIRIYA - Russia's Lukoil has presided over a major discovery at Iraq's exploration Block 10, raising new expectations of ultimately producing over 300,000 barrels per day (bpd) from the Eridu field.
Preliminary estimates suggest Eridu could hold between 7 and 10 billion barrels of reserves, which would make it one of the top seven largest fields in the country, according to two senior officials at the Dhi Qar Oil Company (DQOC), which is Iraq's state partner in the development of Block 10.
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