Russia's says Iraq approves oil field development

Russia's No.2 crude producer LUKOIL said on Tuesday the Iraqi government has approved the geologic exploration, development and production contract for Block 10 in the southern part of the country, Reuters reported.
LUKOIL already works at 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 away from the West Qurna-2 field.

LUKOIL has 60 percent in Block 10, while Japanese INPEX Corporation holds the remaining 40 percent.