Inpex Corporation and Lukoil Overseas Iraq Exploration have discovered deposits of quality oil through drilling of an exploration well at the onshore Exploration Block 10 in the Republic of Iraq.
The 5,600km² block is situated approximately 150km west of Basra city in Southern Iraq.
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Inpex owns 40% participating interest in the site through its subsidiary Inpex South Iraq.
Inpex received the rights to explore the block in the fourth petroleum licensing round held in 2012 alongside block operator Lukoil Overseas Iraq Exploration, as well as the remaining 60% stake owner.
Since Inpex received the exploration rights, the company has been jointly conducting the analysis of data from seismic surveys and an exploratory drilling campaign.
During the campaign, both companies discovered a highly productive oil reservoir in the Mishrif horizon that can produce around 8,000 barrels daily as determined in the crude oil production tests.
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By GlobalDataBoth firms have decided to analyse the procured data from the crude oil production tests and undertake further exploration activities to assess commercial development opportunities.
This discovery is expected to strengthen Inpex’s crude oil development business operations in Iraq.
Inpex Corporation is one of the largest exploration and production companies of Japan, with an involvement in nearly 70 projects within more than 20 countries.
