New Oil Discovery in Iraq and Oil Export to Egypt

The Russian company “Lukoil” issued a statement on 22nd February 2017 that the company has successfully completed the first extraction process of crude oil and low-sulfur in cooperation with the Japanese company “Inpex” in the exploratory patch X. The statement further indicated that the unit X contains a large amount of oil and gas reserves. The statement confirmed that the current discovery would provide a handsome amount of support in getting the flow rate of oil at more than 1,000 cubic meters/ day. The Iraqi Oil Ministry also said that the oil reserves have been increased with this new discovery of Iraqi oil reserves. The ministry indicated that this specific area has been considered one of the fields contributing in adding the amount to 10 billion barrels crude oil per day reserves.

New Oil Discovery in Iraq and Oil Export to EgyptThe director general of the oil exploration company, Karim Hattab said in a consortium that “Lukoil and Inpex” have discovered a huge amount of oil reserves. Both companies (Inpex and Lukoil) won the license in the year 2012 in order to develop the patch exploratory X in the Basra province. The Russian company has indicated that its share in the project is 60 percent and the Japanese company owns 40 percent. The major target of Lukoil company was to develop “West Qurna-2”. The company had won “Statoil” Norwegian right field, as this field has been considered one of the largest field among the Iraqi investment fields. Point to be noted that the Iraqi marketing company SOMO has finalized the signing of a contract with Egypt for oil supply and the Egyptian Ministry of Petroleum has forwarded a request for approval.

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