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ST. PETERSBURG, June 16. /TASS/. Gazprom Neft plans to boost oil production at the Badra field in Iraq to 115,000 barrels daily, First Deputy Chief Executive Officer of the company Vadim Yakovlev said on Thursday at the St. Petersburg International Economic Forum (SPIEF).
"115,000 barrels daily with an option of upward increase; we will reach approximately this level in the next year," Yakovlev said. Production may further grow to 170,000 barrels per day. Badra oil production is now equal to 65,000 barrels daily.
It was reported earlier Gazprom Neft plans to fully compensate its Badra project costs in 2018.
The Badra field is located in the Wasit province in East Iraq. Badra’s geological reserves are estimated at 3 bln barrels of oil. The oilfield development project is designed for 20 years with an optional 5-year extension. Commercial production on the oilfield started in 2014.