LUKOIL CONTINUES ADDITIONAL EXPLORATION OF BLOCK 10 AND APPRAISAL OF ERIDU FIELD IN IRAQ
Wednesday, December 13, 2017
LUKOIL has signed contracts with Iraqi state owned Oil Exploration Company on the performance of seismic surveys. They will be held at the earlier discovered Eridu field to comprehensively appraise its geological potential, and also at Block 10's southern and central parts, previously not part of the survey.
The scope of appraisal works at Eridu field includes a 3D seismic survey of 983 square kilometers to update the extension of the field and its geological structure.
At Block 10, 2D seismic acquisition of the southern and central parts is planned to be accomplished over an area of 3,500 linear kilometers to ensure the mapping of targets for prospect drilling.
The approved geological exploration plan for Eridu field envisages the drilling of additional appraisal wells on a mid-term horizon.
The interests in the project are: LUKOIL – 60% (operator), INPEX Corporation (Japan) – 40%. The Iraqi party to the agreement is represented by the state-owned South Oil Company.
The drilling of the first exploration well, Eridu-1, in February of 2017 led to the discovery of a major oilfield. Preliminary data indicate it is the most significant discovery in Iraq for the past 20 years. The drilling of the second and third wells confirmed the field’s earlier assumed geological model.