The Badra oil field is located in Wasit Province in Eastern Iraq. According to preliminary estimates, geologic reserves at the Badra field amount to 3 billion barrels of oil.
The contract with the Iraqi government for development of the oil field was signed in January 2010 upon completion of a bid process in December 2009. The winning bid was submitted by a consortium of companies consisting of Gazprom Neft, KOGAS (Korea), PETRONAS (Malaysia), and TPAO (Turkey). Gazprom Neft is the project operator.
Gazprom Neft’s share in the project is 30 percent, while KOGAS has 22.5 percent, PETRONAS has 15 percent, and TPAO has 7.5 percent. The share of the Iraqi government, represented in the project by the Iraqi Oil Exploration Company (OEC), is 25 percent.
The Badra oil field development project is scheduled to last 20 years with a possible 5-year extension. 17 production wells and 5 injection wells are planned to be drilled at the deposit. Under the terms of the contract, investors will be reimbursed for costs incurred and paid a fee of $5.5 per barrel of oil equivalent produced.
- Exploration and production photo gallery