Financial News and Economical Crisis

Today in Baghdad, Deputy Director General for exploration and production, Gazprom Neft, Boris Zilbermints signed a contract with the Government of Iraq to develop the field of Badr.

The contract was signed by a tender, the winner by 12 December 2009 was recognized as a consortium of JSC “Gazprom Neft”, Kogas (Korea), Petronas (Malaysia), TPAO (Turkey). The contribution of Gazprom Neft in the project as an operator is 30%, Kogas - 22,5%, Petronas - 15%, TPAO - 7,5%. Share of the Iraqi government, which is presented in the draft Iraqi exploration companies (Oil Exploration Company, OEC), - 25%.

oil field development project Badr designed for 20 years with possible prolongation for 5 years. It is assumed that the level of oil production on the shelf “in the order of 170 thousand barrels per day. Work on the field should begin in 2010. Total investment in the project will total about $ 2 billion

Under the contract, paid at $ 5.5 per every barrel of oil (or an equivalent amount of oil volume), Gazprom Neft will receive after reaching the level of initial production of 15 thousand barrels per day. This figure is planned to leave in late 2012 - early 2013, “on the shelf” production - in 2016.

“The project to develop the field of Badr - this is one of the key stages in the development of the company in international markets. With the start of operations in Iraq,” Gazprom Neft “has taken another important step in the implementation of long-term plan to increase production volumes by 2020 up to 100 million tons of oil equivalent “, - said chairman of Gazprom Neft, Alexander Dyukov.

deposit Badr is located in the province Wassi in the East it borders with Iraq and Iran deposit Azar, in the development of which Gazprom Neft plans to participate jointly with the Iranian company NIOC. According to preliminary estimates, geological reserves Badrah constitute more than 2 billion barrels of oil.
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