Gazprom hikes output at Iraq oilfield
BAGHDAD, June 25, 2015 – Gazprom Neft has almost doubled oil production at the Badra oilfield in Iraq, the company announced on Wednesday.
The Russian international and its partners have raised daily output to 27,000-28,000 barrels of oil per day, from a level of 15,000 barrels reached late in 2014.
The eastern Iraqi oilfield is estimated to hold 3 billion barrels of oil. Gazprom Neft signed a development contract with the Iraqi government in 2010, leading a consortium of South Korean, Malaysian and Turkish state companies Kogas, Petronas and TPAO. The government retains a 25-percent share in the field.
Commercial production at Badra began in 2014. The Russian company expects output to reach 170,000 barrels per day by 2017.
The field development plan, spanning 20 years, involves drilling 17 operational and five injection wells.