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 Badra oil field development project is scheduled to last 20 years with a possible 5-year extension. Under the terms of the contract, investors will be reimbursed for costs incurred and paid a fee equivalent of $5.5 per barrel of oil produced.
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.
New infrastructure has been built at the field to enable full-scale development including the first stage of the central gathering point (CGP) with a capacity of 60,000 barrels per day. The CGP’s capacity will eventually be increased threefold. In spring 2014 a 165 kilometer pipeline connecting the oilfield with Iraq’s major pipeline system was brought into operation. The company has launched construction of a gas processing complex with a capacity of 1.5 billion cubic metres per year, and work is continuing on laying a 100 kilometer pipeline connecting the Badra field with the Zubaida power plant (Wasit Province).
A major focus on social projects addresses the school education system, medicine and electricity in the Wasit Province and the city of Badra. Annual social investment in the region has increased to $5 million starting from 2014.
- Exploration and production photo gallery