Government of Iraq approves contract for Block 10

In June 2012, as a result of a licensing round a consortium including LUKOIL Overseas (subsidiary of LUKOIL) and INPEX Corporation of Japan was awarded rights for Block 10 covering the area of 5,500 square km.

LUKOIL Overseas as operator of the block will have a 60% share in the project and INPEX will hold the remaining 40%. South Oil Company will represent Iraqi authorities in the contract. The document is expected to be signed by the beginning of November 2012.

Development of Block 10 will be based on synergy with the West Qurna-2 field which is being developed by LUKOIL Overseas as the distance between the two contract areas is only 100 kilometers.