The Badra oil field is located in Wassit Province in Eastern Iraq with an estimated 3 billion barrels of oil in place. The contract to develop the Badra oil field was signed with the Iraqi Government in January 2010 following submission of a tender in December 2009. An international consortium comprising Gazprom Neft, Kogas (Korea), Petronas (Malaysia) and ТРАО (Turkey) became the preferred bidder in this tender.
Gazprom Neft's share, as lead operator on this project, is 30 per cent, Kogas' share is 22.5 per cent, Petronas' share is 15 per cent and ТРАО's share is 7.5 per cent. The Iraqi Government, represented by the Iraqi Oil Exploration Company (OEC) retains 25 per cent.
The Badra oil field development project is scheduled to last 20 years, with a possible extension of 5 years. Peak oil production is expected to reach around 170,000 barrels per day. The estimated amount of investment is around $2 billion. Under the terms of the contract, investors will be reimbursed for their costs and paid $5.5 per barrel of oil equivalent produced.
Oil production at the field is expected to begin in 2013. Production is expected to reach 170,000 barrels per day (around 8.5 million tonnes a year) by 2017 and remain at this level for 7 years.