Russia’s No.2 oil producer Lukoil said on Monday it plans to produce 250,000 barrels per day at the Eridu oilfield in Iraq as it has received regulatory approval.

It said that the company and Inpex South Iraq Ltd received approval from state-owned Thi-Qar Oil Company (TOC) for the declaration of commerciality of reserves and their development proposal for the oilfield.

“Lukoil and Inpex South Iraq are planning to proceed with the implementation of the Eridu oilfield development plan targeting 250,000 barrels per day production,” Lukoil said.
Source: Reuters (Reporting by Vladimir Soldatkin; editing by Jason Neely)