Gazprom Neft Starts Drilling In Iraqi Badra Deposit

Russia's OAO Gazprom Neft, the oil unit of state gas giant OAO Gazprom, said Friday it has started drilling the first appraisal well in the Iraqi Badra oil deposit, operated by the company.

Drilling is expected to be completed in April 2012.

Based on the results, a plan for the most efficient way for development of the deposit will be drawn up, the company said.

"The results of the initial appraisal wells will allow us to better understand the geology of the location, produce a definitive operating plan and move to commercial production of at least 15,000 barrels of oil a day in August 2013," Vadim Yakovlev, first deputy chief executive, said in a statement. Drilling is expected to be completed in April 2012.

Based on the results, a plan for the most efficient way for development of the deposit will be drawn up, the company said.

"The results of the initial appraisal wells will allow us to better understand the geology of the location, produce a definitive operating plan and move to commercial production of at least 15,000 barrels of oil a day in August 2013," Vadim Yakovlev, first deputy chief executive, said in a statement.

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