Date: 5 months ago   Category: Energy

Gazprom Neft in the I half-year has increased oil production in Iraq and the Iraqi Kurdistan by 26,7% — Rambler News Service


Gazprom Neft has increased in January — June, 2018 oil production in Iraq (Badra's field) and the Iraqi Kurdistan by 26,7% in comparison with an indicator for the same period of last year — to 760 thousand tons, it is told in the financial statement of the company according to IFRS. In the I half-year 2017 this indicator was 600 thousand tons. Oil production on Badr and in Kurdistan in the I quarter 2018 has made 330 thousand tons, in the II quarter — 430 thousand tons. 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%). In the Kurdish autonomous region of Iraq Gazprom Neft through affiliated Gazprom Neft Middle East conducts work on the Garmian and Shakal projects. From development of one more block — Halabja — has made the decision to refuse by results of the seismic exploration which is carried out in 2016.

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