Gazprom Neft tar­gets oil pro­duc­tion in Iraqi Q1 field in 2014

The Kurdish Globe - - NEWS -

Rus­sia’s Gazprom Neft has an­nounced that it has plans to start com­mer­cial oil pro­duc­tion at its Badra oil­field in Iraq.

The com­pany said it hopes for an av­er­age out­put of 15,000 bpd this year. It is also tar­get­ing hy­dro­car­bon pro­duc­tion of 100mn tons of oil equiv­a­lent by 2020, up 60 per cent on the cur­rent 62.2mn tons in the coun­try in 2013.

Vadim Yakovlev, first deputy chief ex­ec­u­tive of Gazprom Neft, said: “We plan to start pro­duc­tion at Badra in the spring.”

It has been es­ti­mated that the out­put at Badra will reach 170,000 bpd by 2017. The oil­field is lo­cated in the Was­sit Prov­ince in east­ern Iraq with an es­ti­mated three bil­lion bar­rels of oil in place. The Rus­sian com­pany sub­mit­ted a ten­der in De­cem­ber 2009 and signed a con­tract with the fed­eral gov­ern­ment of Iraq in Jan­uary 2010 to de­velop the oil­field.

Yakovlev added that the com­pany plans to an­nounce a com­mer­cial dis­cov­ery at the Garmian oil block in the Kur­dis­tan Re­gion of Iraq and start test pro­duc­tion on the block this year, but de­clined to elab­o­rate.

The Kur­dis­tan Re­gion of Iraq alone may pro­duce up to 200,000 bpd for Gazprom Neft's projects by 2020, he added.

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