Le Bourget air show: Russia clinches contracts for military hardware deliveriesMilitary & Defense June 22, 19:28
Czech president supports idea of referendum on country’s withdrawal from EUWorld June 22, 18:57
Russian fans show fascinating hospitality at 2017 Confederations Cup — renowned pianistSport June 22, 18:32
First days of Soviet Union's Great Patriotic War in picturesSociety & Culture June 22, 18:10
Defense Ministry comments on upcoming Russia-China military exercisesMilitary & Defense June 22, 18:08
Death toll in Afghan terror attack climbs to 34World June 22, 18:04
Russian MP castigates Poland’s decision to demolish Red Army monuments as ‘blasphemous’Russian Politics & Diplomacy June 22, 17:46
Ex-Ukrainian president lambastes Europe for ‘brining Ukraine to its knees’World June 22, 17:12
Senator calls for tough response to Poland’s decision to demolish Red Army monumentsRussian Politics & Diplomacy June 22, 17:03
The volume of oil required for the start of commercial production will be accumulated in three months and “the Badrah field will then be ready to reach planned production levels of 15,000 barrels per day,” Gazprom Neft said in a statement.
Production at the Badrah field located in the eastern Wasit Province will reach its peak of 170,000 barrels per day (around 8.5 million tons per year) in 2017 and then remain the same for a period of 7 years, Gazprom Neft said.
Geologic reserves at the Badrah field are estimated at 3 billion barrels of oil.
The contract with the Iraqi government for the development of the Badrah oilfield was signed in January 2010 after a tender, in which a consortium of companies consisting of Gazprom Neft, South Korea’s Kogas, Malaysia’s Petronas and Turkey’s TPAO was declared as the winner.
Gazprom Neft’s share in the project is 30%, while Kogas has 22.5%, Petronas 15% and TPAO 7.5%. The share of the Iraqi government represented in the project by the Iraqi Oil Exploration Company (OEC), is 25%.
The Badrah development project has a projected lifetime of 20 years with a possible extension of five years, Gazprom Neft said in a statement.
Capital investment in the project is estimated at $2 billion.
In late March 2014, Russia’s largest independent crude producer LUKoil launched production at the West Qurna-2 oilfield in southern Iraq. LUKoil, which has invested $4 billion in the project, is now producing 120,000 barrels per day at West Qurna-2 and is planning to raise this output to 400,000 barrels per day by the yearend. The contract has a lifetime of 25 years.
West Qurna-2 is the world’s second largest undeveloped field with recoverable reserves of about 14 billion barrels. LUKoil holds 75% in the project while Iraq’s state-owned North Oil Company has 25%.