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CEO says Iraq has not asked Gazprom Neft to cut oil production in the country

December 27, 2016, 16:07 UTC+3 MOSCOW
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MOSCOW, December 27. /TASS/. Iraq has not asked Gazprom Neft to cut oil production in the country, the company’s CEO Alexander Dyukov told reporters.

The company plans to reach maximum production on Badra field in 2018, he said.

"We have not received any recommendations from the ministry to production. Earlier the Oil Ministry recommended the company to cut the number of drill rigs, instead of 7 there will be 4, that is why we will reach the maximum production in 2017 but in 2018, which is 115,000 barrels per day," he said.

In Iraq, Gazprom Neft is involved in four projects, three of which are in the Kurdish region.

Gazprom Neft Middle East owns shares in blocks of Halabja, Shakal and Garmian. The share of Gazprom Neft in blocks of Halabja and Shakal is 80% (the rest is held by the government of the Kurdish region).

Two exploration wells drilled at the Shakal block and by now additional 3D seismic work has been completed there.

Interpretation of 2D seismic data is about to be completed at the Halabja block.

The share of Gazprom Neft in Garmian block is 40%. Exploration work is under way.

The fourth Iraqi project of Gazprom Neft is the development of the Badra field, located on the territory of the province of Wasit in eastern Iraq. According to preliminary estimates, geological resources of the field are up to 3 billion barrels of oil. Gazprom Neft is the project’s operator and holds 30% in it.

Commercial production of raw materials at the Badra field began in August, 2014.

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