Lukoil: Iraq Govt Approves Block 10 Oilfield Development

MOSCOW - OAO Lukoil Holdings, Russia's second largest oil producer, said Tuesday that the Iraq government has approved the geologic exploration, development and production contract for Block 10 in the south of the country.

Lukoil said the development will result in a synergistic effect as it is located 100 km from the company's West Qurna-2 field.

Lukoil has a 60% stake in Block 10. Japan's Inpex Corp. holds the other 40%.

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

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