Under the 30 years contract, which includes five years exploration period, the companies will carry out onshore exploration oil and gas activities including 2D seismic survey of 1,375km and drilling of an exploratory well on the block in Iraq.
The service contracts were awarded to Lukoil and INPEX after the fourth Petroleum Licensing Round was conducted on 31 May 2012.
The companies will recover their investment for petroleum activities when the commercial oil and gas production on the block begins.
INPEX and Lukoil will receive $5.99 in return for each barrel of oil equivalent.
Lukoil with 60% interest in the block will be the operator, while INPEX will own the remaining 40% interest.
