The Badra oil field is located in the Wasit Province in eastern Iraq. According to preliminary estimates, the geological reserves of the Badra field total 3 billion barrels of oil. A contract to develop the field was signed with the government of Iraq in January 2010 following the December 2009 tender, which was won by a consortium made up of Gazprom Neft, Kogas (Korea), Petronas (Malaysia) and TPAO (Turkey).
Gazprom Neft's share in the project is 30%, that of Kogas is 22.5%, Petronas' is 15% and TPAO's is 7.5%. The share of the Iraqi government, represented by the Iraqi Oil Exploration Company (OEC), is 25%. Gazprom Neft is the operator of the project.
The development project for the Badra field is proposed to last 20 years, with the possibility to extend it by 5 years. The estimated volume of investment over that time is around US$2 billion. According to the terms of the contract, investors will be reimbursed all costs incurred and paid an additional fee of US$5.50 per barrel of oil equivalent produced.
Production is expected to begin on the oil field in 2013, and is expected to reach 170 thousand barrels per day (approx. 8.5 million tons per year) by 2017 and to maintain that level for seven years. In total, 17 production wells and 5 injection wells are planned to be drilled on the field.