Iraq and Russian state oil producer OAO Gazprom Neft (SIBN.RS) have awarded an $879 million contract to South Korea's Samsung Group (SSN.YY) to develop the Badra oil field in eastern Iraq, the Iraqi government said in a statement Tuesday.
Iraq
and
Russian state oil producer OAO Gazprom Neft (SIBN.RS) have awarded an $879
million contract to
South Korea
's
Samsung Group (SSN.YY) to develop the Badra oil field in eastern
Iraq
, the
Iraqi government said in a statement Tuesday.
A Gazprom company official said that Samsung would design and build phase two
of a central processing facility, or CPF, for oil production in the field.
The official said initial production from the field is expected to be 15,000
barrels a day at the end of September this year. The company official told Dow
Jones Newswires that work on the CPF is expected to take two years to complete.
Iraqi oil ministry officials weren't available to comment further on the
project.
The Gazprom consortium, which includes
South
Korea
's Gas Corp. (036460.SE),
Turkish Petroleum Corp. or TPAO, and
Malaysia
's
Petronas, plans to increase production from the field to 170,000 barrels a day
by 2017, according to a development plan agreed with the Iraqi government.
Badra's reserves are estimated to be around 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. The state-owned Russian gas giant angered
Baghdad
last
year when it signed a contract with the semi-autonomous region of
Kurdistan
in
northern
Iraq
.
Baghdad
has
asked Gazprom to choose between its contract in
Kurdistan
and
the Badra oil field.
The central government in
Baghdad
is at
logger heads with the
Kurdistan
region over scores of oil
deals signed by the Kurdistan Regional Government with foreign firms.
Baghdad
argues that these deals are void because they haven't been approved by the
central government, while the KRG maintains these deals are in line with the
new Iraqi constitution.
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