U.S.-based energy services giant Halliburton Co (HAL) has won a $95 million contract from Russian state oil producer OAO Gazprom Neft (SIBN.RS) to test and complete 11 wells at the untapped Badra oil field in eastern Iraq, the firm said in a statement Thursday.
U.S.-based energy services giant Halliburton Co (HAL) has won a $95
million contract from Russian state oil producer OAO Gazprom Neft (SIBN.RS) to
test and complete 11 wells at the untapped Badra oil field in eastern
Iraq
, the
firm said in a statement Thursday.
Gazprom Neft, which is a majority-owned by gas giant OAO Gazprom (GAZP.RS),
said testing of the first well, is scheduled to start in the third quarter of
this year.
"Production will commence once the final field development plan is
completed in 2013," the Russian firm said.
The Gazprom consortium, which includes
South
Korea
's Gas Corp. (036460.SE), or
Kogas, Turkish Petroleum Corp., or TPAO, and
Malaysia
's
Petronas, plans to start production from the field in 2013 and reach 170,000
barrels a day by 2017 according to a development plan agreed with the Iraqi
government.
Badra's reserves are estimated at about 3 billion barrels of oil.
Gazprom, which owns the largest stake in the consortium at 40%, signed a
contract with
Baghdad
to
develop the field in January 2009.
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