Gazprom Neft: Schlumberger to Drill Wells at Iraq Badra Field

MOSCOW (Dow Jones Newswires), June 20, 2011

A consortium led by Russian state oil producer Gazprom Neft has picked Schlumberger to drill the first wells at the Badra field in Iraq, the Russian company said Monday.

Schlumberger has been contracted to drill 11 wells over a three-year period, Gazprom Neft said.

The consortium--which also includes South Korea's Korea Gas Corp., or Kogas, Turkish Petroleum Corp., or TPAO, and Malaysia's Petronas--plans to start production from the Badra field in 2013.

Gazprom Neft estimates total costs for the Badra project at $2 billion and plans to drill 17 wells by 2017, when production should reach 170,000 barrels a day.

Gazprom Neft is the oil arm of Russian gas giant Gazprom.

Copyright (c) 2011 Dow Jones & Company, Inc.

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