Lukoil Receives Right to Explore Block 10 Project in Iraq
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.
