By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. MoO Should Brace for ROCs' Coerced Exodus The tripartite (UK, EU and US) sanctions against Russian oil companies (ROCs), Lukoil and Rosneft, present direct, immediate and impacting threats to the development of […]
By John Lee. On Wednesday, Iraqi Prime Minister Mohammed Shiaa Al-Sudani received the Chairman of the Russian Union of Manufacturers and Businessmen and the founder of Lukoil, Mr. Vagit Alekperov, along with his accompanying delegation. During the meeting, discussions were held regarding Russian companies operating in Iraq, in light of the visit made by the […]
By Simon Watkins for the OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Russia Takes Control of Iraq's Biggest Oil Discovery for 20 Years The Eridu field - part of Iraq's Block 10 exploration and development region - is the biggest oil find […]
By John Lee. Russia's LUKoil and Japan's INPEX South Iraq Ltd have received approval from Iraqi state-owned Thi-Qar Oil Company (TOC) for "Declaration of Commerciality of Reserves and Outline Development Proposal" for the Eridu [Arido] oilfield located within Block 10 in Iraq. Following approval by TOC (also known as Dhi Qar Oil Company, DQOC), LUKoil […]
By John Lee. Iraq's Minister of Oil, Ihsan Abdul Jabbar Ismail, has stressed the importance of developing the Eridu (Arido) oilfield in Block 10, which is in the Muthanna and Dhi Qar provinces. This came during a meeting with Lukoil's Vice President for Central Asia, Middle East, and North African affairs, Stepan Gorgi, and his […]
Writing in Oil Price, Simon Watkins points out that the $5.99-per-barrel remuneration that Lukoil will receive under its technical service contract at Block 10 is considerably better than its $1.15/barrel payment at West Qurna 2. Block 10 includes the Eridu field, which has indicated oil reserves of between 7 and 12 billion barrels, and a […]
By John Lee. Russia's LUKoil and Japan's Inpex Corporation have applied to Iraq's state-owned Dhi-Qar Oil Company (DQOC) for what Lukoil describes as "commerciality of reserves", and filed a preliminary proposal on the development of the Eridu oil field within Block-10. According to Lukoil, geological exploration has proved significant reserves, making Eridu the largest discovery […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. IOC's Strategic Positioning in Iraq Upstream Petroleum Much talk have been circulating recently on "Big Oil" abandoning Iraq upstream petroleum projects after they rushed into the country many years ago. How much […]
By John Lee. Russian oil company Lukoil has published details of its payments made during the financial year ended 31 December 2020 in favor of the government of Iraq: The Dhi Qar Oil Company (DQOC) [Thiqar Oil Company] received 1,963 million Russian Rubles [$26.9 million] in respect of the Block 10 field; The General Commission […]
By John Lee. The head of Russia's LUKoil has said that the company plans to start production at Iraq's Block 10 at the end of 2022 or in 2023. Vagit Alekperov (pictured) told a Reuters that output will start at 30,000 barrels per day (bpd). The field is being developed by LUKoil (60%) and Inpex […]
The Prime Minister of Iraq, Mustafa Al-Kadhimi, and Iraqi Oil Minister Ihsan Abdul Jabbar Ismail, received a delegation from LUKOIL on Monday, headed by its President Vagit Alekperov (pictured). The meeting was also attended by the Russian Ambassador Maxim Maximov. The parties discussed the progress of the West Qurna-2 project and Eridu field (Block-10), as […]
The President of Lukoil, Vagit Alekperov (pictured), has met with Thamir Abbas Ghadhban Al Ghadhban, Deputy Prime Minister and Minister of Oil of the Republic of Iraq, at the St. Petersburg International Economic Forum. The parties discussed the progress of West Qurna-2 project and agreed to consider the possibility of early commissioning of Eridu field […]
