Gazprom Neft’s largest overseas asset is Naftna Industrija Srbije (NIS), a diversified (multifunctional) company. NIS is involved in the exploration and production of hydrocarbon deposits in Serbia, Angola, Bosnia and Herzegovina, Hungary and Romania.
In Iraq Gazprom Neft is developing the Badra field, as well as conducting geological prospecting activities at the Garmian, Shakal and Halabja blocks (in which it has interests of 40 percent, 80 percent and 80 percent, respectively), all located in the south of the Kurdistan Region of Iraq (KRI).
Production at Gazprom Neft’s Badra field, located in the Wasit province of eastern Iraq, began on 31 May 2014. Geological reserves at Badra are estimated at three billion barrels of oil.
A production sharing contract (PSC) for the development of the Badra field was signed with the Government of Iraq in January 2010, following a final competitive tender won by a consortium comprising Gazprom Neft (operator), KOGAS (South Korea), PETRONAS (Malaysia) and TPAO (Turkey). Gazprom Neft has a
Commercial oil production from at the Badra field began in August 2014. Prior to this, all essential production and transportation infrastructure had been put in place, within just three years.
A key condition of fulfilment of the development contract — delivery of a minimum 15,000 barrels per day into the main trunk pipeline over the course of 90 days — was met at the end of November 2014, compliance with which allowed investors to start receiving compensation for costs incurred, in the form of a share in the oil produced at the field. The crude oil is expected to be transferred to consortium participants quarterly, with each company arranging its subsequent sale independently.
In June 2009 Gazprom Neft acquired a