Lukoil Receives Right to Explore Block 10 Project in Iraq

Lukoil Receives Right To Explore Block 10 Project in Iraq

MOSCOW--Russia's biggest privately owned oil producer OAO Lukoil Holdings said Friday it has received the right to explore the Block 10 project in Iraq.

Lukoil's overseas arm has a 60% share of the field, which is located 120 kilometers to the west of Basra, and Japan's INPEX has 40%, the company said.

The winning bids were a remuneration fee of $5.99 per barrel of oil equivalent, a signature bonus of $25 million, a mandatory minimum exploration program which includes a 1,375-kilometer 2D-seismic acquisition and the drilling of one exploration well, and also a minimum expenditure of $100 million, Lukoil said.

Copyright (c) 2012 Dow Jones & Company, Inc.

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Eduardo P. Saballa, Jr | Jun. 2, 2012
This is a world expanding demand production of natural resources which is oil and gas.

Steve Lazzara | Jun. 1, 2012
Isnt it heart warming to see a country we spilled blood and our countries fortune on giving contracts to Russia?


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