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Luke Oil may invest $45 billion in Iraq by 2035
Date: Click quantity: 61

According to Neftegaz. RU in Baghdad, Luke Oil may invest $45 billion in Iraq's oil projects by 2035. Luke Petroleum has invested about $8 billion in this area, which will reach about $45 billion by 2035, according to the agreement. In the Middle East, Iraq has become the centre of Luke Oil's strategic policy of increasing overseas production. Because of the huge reserves of traditional oil and gas, Iraq is one of the most promising areas in the world to increase oil production.

In 2014, Luke began industrial oil production in the West Gurna-2 oilfield in the south of the country. This is one of the largest mineral deposits in the world. Sigurna-2, located in southern Iraq, is 65 km northwest of the main port city of Basra. On March 29, 2014, commercial oil production began in the oilfield. Luke Petroleum also participated in an exploration project in Block 10, which covers an area of 5800 square kilometres and is located in Di-Kar and Mutana Provinces in southern Iraq, 10 kilometres southwest of Nasiriya, 150 kilometres west of Basra and 120 kilometres away from the West Gurna-2 Oilfield.

In May 2012, Luke Oil Company and Inpex Company of Japan jointly acquired the right of exploration and subsequent development in Block 10 of Luke Oil Company.Luke Petroleum is the operator of the project, with 60% of the shares and 40% of the shares held by Inpex, Japan. In March 2019, Luke Petroleum Company completed the test of the fifth evaluation well in Eridu Oilfield, Block 10. In March 2019, V. Alekperov reported that Luke Petroleum and Dodar were considering establishing a joint project in the field of natural gas chemistry on the Sigurna-2 project in Iraq.At present, a memorandum has been signed, but the details of the project are still under discussion.