Date: 6 days ago   Category: Energy

Gazprom Neft has coordinated with Iraq new parameters of mining of Badra — Rambler News Service


Gazprom Neft has agreed with the government of Iraq about new design level of production of oil on Badra's field - 80 thousand barrels a day, the First Deputy CEO of Gazprom Neft Vadim Yakovlev has said. "We have reached the agreement on the current shelf of production and upon the mechanism which allows to accelerate compensation of expenses. Decisions are recorded, and we expect final formalization of these arrangements. This year the average level of production will reach 80 thousand barrels a day, it also is the shelf", - he has told in Energy Intelligence interview. According to Yakovlev, there are options of continuation of drilling of the field what the company has informed the Iraqi side on, but so far these questions are in a consideration stage. He has added that the company has fulfilled all the contractual obligations, and the effective volume of production was determined by field geology. "However, as I have already told, we see additional opportunities of further drilling of an asset following the results of the analysis of the obtained geological information. Also have to make the decision, joint with the Iraqi side, on the further strategy of work", - Yakovlev has emphasized. He has also reported that the company starts drilling of the third well on the Sarqala field (Garmian block) located in the Kurdish region of Iraq. "We begin drilling of the third well, production from two others has reached 28 thousand barrels a day. Having drilled a third and having expanded infrastructure for preparation and storage of oil, we expect to come to the level of 35 thousand barrels a day. Also we will make the decision on further drilling", - Yakovlev has explained. Badra's field is located in the territory of the Province of Wasit in the east of Iraq. According to preliminary estimates, geological stocks of Badra make 3 billion barrels of oil. The project of development is calculated on 20 years with possible prolongation for five years. Commercial production on the field has begun in 2014. The contract with the government of Iraq for mining provides compensation to investors of the incurred expenses, and then payment of remuneration of $5,5 for each barrel of the extracted oil. The contract is signed in January, 2010 by consortium as a part of Russian Gazprom Neft (the operator of the project with a share of 30%), the Iraqi state Oil Exploration Company (25%), the Korean Kogas (22,5%), Malaysian Petronas (15%), the Turkish TRAO (7,5%).

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