The Badra oilfield is located in the Wasit Province, Eastern Iraq. Geological reserves at the Badra field are estimated to be in the order of three billion barrels. The contract for development of the field is expected to run for 20 years, with potential for extension by a further five. The terms of the contract with the Government of Iraq envisage compensation following the repayment of investors’ costs: this contract having been signed with the Government of Iraq in January 2010, on behalf of a consortium comprising Gazprom Neft (operator), KOGAS (Korea), PETRONAS (Malaysia), and TPAO (Turkey). Gazprom Neft’s interest in the project is 30 percent, with KOGAS, PETRONAS and TPAO holding 22.5 percent, 15 percent, and 7.5 percent, respectively. The Iraqi government’s holding is represented by the Iraqi Oil Exploration Company (OEC), which holds 25 percent
Field development is being undertaken by Gazprom Neft Badra, and marketing of Iraqi oil on the international market by Gazprom Neft Trading GmbH — both companies being subsidiaries of Gazprom Neft.
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