(Bloomberg) --
Russia's Lukoil PJSC has submitted a preliminary development plan for the Eridu oil field in the south of Iraq, Argus Media reported Sunday, citing the Iraqi Oil Ministry.
According to the initial expectations, the field could produce 250,000 b/d at a peak rate, according to the report. It's estimated to hold 7 to 12 billion barrels of oil reserves.
Lukoil is the operator of Block 10, which contains the Eridu field, with a 60% interest, while Japanese company Inpex Corp. holds the remainder. The field was discovered in 2017.
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