A consortium led by Russian state-controlled oil major OAO Gazprom Neft (SIBN.RS) will spend $531 million this year to develop the Iraqi Badra oil deposit, the company said Friday.
A consortium led by Russian state-controlled oil major OAO Gazprom Neft
(SIBN.RS) will spend $531 million this year to develop the Iraqi Badra oil
deposit, the company said Friday.
Gazprom Neft, 95%-owned by gas producer OAO Gazprom (GAZP.RS), started drilling
the first appraisal well at Badra in November last year and expects to start
commercial production in August 2013.
"This year, we plan to continue drilling appraisal and production
wells," said Gazprom Neft's head of Major Project Management, Denis
Sugaipov, said in an interview on the company's website.
The consortium--which also includes
South
Korea
's Korea Gas Corp. (036460.SE),
or Kogas, Turkish Petroleum Corp., or TPAO, and
Malaysia
's
Petronas--signed a contract in 2009 with the Iraqi government to develop the 3
billion barrel field located in the Wassit province.
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