Lukoil company on Thursday informed Prime Minister Adil Abd al-Mahdi that it managed to discover new oil reserves in Iraq, during the latter's meeting with Vagit Alekperov, president of the leading Russian oil company.
During the meeting, they discussed the company's work in Iraq and opportunities to increase investment and cooperation.
Iraq is proud of its strategic relations with Russia and in partnership with Lukoil, Abd al-Mahdi said. He also referred to Iraq's need to build refineries and provide oil derivatives and not just to export oil.
Lukoil and Inpex Corporation announced Tuesday that they have successfully completed testing of the fifth well as part of the appraisal phase at the Eridu field (Block 10) in the southern part of Iraq.
The well recorded daily flow rate of more than 1,500 cubic meters of oil from the Mishrif formation and proved the current geological model of the Eridu field as effective, Lukoil said.
Lukoil said it continues geological exploration at Block 10.
In the mid-term, Lukoil said it plans to drill and test several appraisal wells, complete 3D seismic surveys at the Eridu field and 2D seismic surveys at the block’s southern and central parts.