LUKOIL says Iraq approves oilfield development

Russia's only private oil producer LUKOIL said on Tuesday that the Iraqi government has approved the geologic exploration, development and production contract for Block 10 in the southern part of the country, Reuters reports.

LUKOIL already works at the giant West Qurna-2 oilfield in Iraq.

The company said the development of Block 10 will result in a synergistic effect due to the block's location a mere 100 kilometres from the West Qurna-2 field.