Russian oil giant Lukoil looks to become the main developer of the Eridu oilfield Eridu is said to hold up to 12 billion barrels of crude oil Lukoil is gunning for a remuneration fee of US$5.99 per barrel Russian oil giant, Lukoil, has filed a preliminary development proposal with Iraq’s Oil Ministry for the Eridu oil field, according to a statement from the Ministry last week. Located in Block 10, around 120 kilometers west of Basra in southern Iraq, the preliminary consensus opinion was that the field contains between 7 and 10 billion barrels of crude oil reserves. This alone would have made it the biggest oil discovery in Iraq in at least 20 years, but subsequent Russian oil industry estimates point to reserves of up to 12 billion barrels of oil. Its remuneration fee of US$5.99 per barrel is among the highest of all Iraq’s awards under its […]