AlwaysFree: Russia’s Lukoil Submits Development Plan for Iraq’s Largest Oil Discovery In 20 Years

Russia’s Lukoil has submitted a preliminary proposal to Iraq’s oil ministry to develop the Eridu field, discovered in 2016. According to the proposal, the field is expected to produce up to 250,000 bpd of oil at a peak. The ministry said Eridu was estimated to hold potential resources of 7 billion to 12 billion barrels, making it Iraq’s largest oil delivery in two decades. Lukoil holds a 60% interest in the field, while Japan’s Inpex Corp. owns the remaining 40%. The Eridu development is expected to help Iraq boost its oil production capacity from 5 million bpd today to 8 million bpd by the end of 2027.