Gazprom Neft targets oil production in Iraqi Q1 field in 2014
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.