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Lukoil CEO announces Iraq’s Block 10 OIIP estimated at 3 bln barrels

February 27, 2017, 14:26 UTC+3
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SOCHI, February 27. /TASS/. Oil originally in place (OIIP) in Block 10 discovered in Iraq is provisionally estimated at 3 bln barrels, Chief Executive Officer of Russian oil major Lukoil Vagit Alekperov said on Monday.

"A good discovery was made; we provisionally see about 3 bln barrels of oil originally in place," Alekperov said.

Two exploration wells are scheduled for drilling and the field development plan will be agreed after that, he added. 

Lukoil’s investment in its Iraqi project, West Qurna 2 oil field, is estimated at around $1.5 bln this year: 

"This year around $1.5 bln will be invested in the project," he said, adding that the company has already reimbursed around $6 bln worth of historical costs.

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