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’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. Gazprom Neft is the project operator.
The Badra oil field development project is designed to last twenty years, with a possible extension of five more years. By 2017, the production volume is forecast to reach 170,000 barrels of oil per day (approximately 8.5 million tonnes per year), and remain at that level for seven years.
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