Luk oil to start production at Iraq's newest massive discovery in 2021
Luk oil's massive new discovery in southern Iraq -- part of the Russian firm's sizable growth plans in the Middle Eastern country -- will start production in 2021, the head of Iraq's regional state-run oil company said.
Aggressive exploration continues at Block 10, Dhi Qar Oil Company Director General Ali Warid said in a statement emailed to S&P Global Platts, following Luk oil's announcement earlier this year that "recoverable reserves in excess of 2.5 billion barrels of crude" from the Eridu-1 well was the biggest find in Iraq in 20 years.
"The Chinese Bohai company has started to drill the 4th well in the 10th exploration block," Warid said. "The drilling work comes along the same time of the 3D scan conducted by the (Iraqi state-run) Oil Exploration Company."
He added: "I predict that the actual production of the field will start in 2021 according to the plans made by Lukoil in coordination with the Oil Ministry."