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Gazprom starts commercial oil supplies from Iraq’s Badra field

1/09/2014 by

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Gazprom Neft, the oil arm of Russian energy giant Gazprom, has started commercial oil production and supplies from the Badra field in southeastern Iraq, Gazprom Neft said on Monday.“Gazprom Neft, the operator of the Badra oilfield in Iraq, announces that first oil from the field is now being delivered to Iraq’s main pipeline system for transfer to the export terminal in Basra (the Persian Gulf),” Gazprom Neft said in a statement.

Current deliveries from Badra to the pipeline amount to over 15,000 barrels of oil per day and this level will be maintained until the end of 2014.

Under the service contract signed with the Iraqi government, the consortium of investor companies will begin receiving a share of the oil produced at the field after a period of 90 days following the launch of commercial supplies.

All the oil produced in southern Iraq, including at Badra, is Basrah Light oil. The Iraqi State Oil Marketing Organization (SOMO) is responsible for oil sales and each quarter will be delivering a share of oil to the investor companies to compensate for their initial project costs, Gazprom Neft said.

“Once these project costs have been covered, the investor companies will receive remuneration in kind for ongoing development at the rate of $5.5 of oil per barrel produced. Each investor company will be selling their share of oil independently,” the statement said.

The first oil from the Badra field was produced in December 2013. The final commissioning at the oilfield and the testing of production and transportation infrastructure began in May 2014. Two wells are currently in production at the Badra field and a further three wells are being drilled under a contract with the Chinese company ZPEC. Under the service contract, production at the oilfield will reach 170,000 barrels of oil per day.

This article has been extracted from http://en.itar-tass.com/, please click on this link to read the article in full http://en.itar-tass.com/economy/747511

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