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Iraq may review terms of contracts with Russian oil companies — minister

December 06, 16:38 UTC+3 MOSCOW

The Iraqi Oil Ministry and Gazprom Neft are discussing possible changes in the contract for the Badra field development project

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MOSCOW, December 6. /TASS/. Iraq might make changes to contracts with Russian oil companies, Russian Energy Minister Alexander Novak said in an interview with Rossiya 24 TV channel.

"We discussed the problems, including the problems that affected our companies in Iraq in terms of return on investment, given the decline of prices and the situation that has been developing in Iraq recently," the Minister said.

Novak added that the Iraqi Oil Ministry and Gazprom Neft are discussing possible changes in the contract for the Badra field development project.

"I would not say that this is a revision of the contract, it is more about creating an expert group at the level of the Iraqi Oil Ministry and Gazprom Neft specialists, regarding the current situation and some adjustments," the Minister said.

Department head of Gazprom Neft Denis Sugaipov said earlier that natural gas infrastructure of the Badra project in Iraq will be put into operation on December 6.

A gas treatment unit with capacity of 1.6 bln cubic meters per year was put into pilot operation on the oilfield for disposal of 99% of associated petroleum gas, the manager said.

The bulk of produced dry commercial gas is supplied to Al-Zubaidiya power plant, Sugaipov said. Gazprom Neft and its partners in the Badra project consortium constructed a gas pipeline with length over 100 km in order to organize supplies, he said.

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 August 2014. Gazprom Neft holds the 30% stake in the project and acts as the project operator.

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