The Block 10, located 125km west of the city of Basra, spans 5,500km2, and has large reserves of oil, such as the Rumaila oil field and the West Qurna oil field to the east, and to its north extends the Garraf oil field.

The deal also includes a mandatory minimum exploration program which will be a 1,375km 2D-seismic acquisition and the drilling of one exploration well, and also a minimum expenditure of $100m.

LUKOIL has a 60% interest in the project as operator while INPEX holds a remaining 40%.

INPEX plans to further negotiate with the Iraq Government regarding the terms for the petroleum contract for the Block 10.