*EPC — engineering, procurement, construction
The Badra field is located in the Wassit Province in Eastern Iraq with an estimated 3 billion barrels of oil in place. The Iraqi government signed a contract for the development of the field in January 2010 with a consortium comprising Gazprom Neft (30%), Korea’s Kogas (22.5%), Malaysian Petronas (15%) and the Turkish TRAO (7.5%). A further 25% of the project is owned by the Iraqi government Oil Exploration Company (OEC). Gazprom Neft is the project operator.
The $2 billion Badra project has a term of 20 years, with possible prolongation by another five years. Under the contract, investors will recoup the costs incurred and will be paid a bonus of $5.5 per barrel of the oil equivalent.
The target output of 170,000 barrels a day (about 8.5 m tonnes a year) is to be reached in 2017 and maintained over the following 7 years.