Gazprom Neft reported late Monday that commercial production and oil exports have begun at its Badra oilfield in Iraq.
The first oil from the field is now being delivered to Iraq's main pipeline system for transfer to the export terminal in Basra on the Persian Gulf. The firm said current deliveries from Badra to the pipeline stand at more than 15,000 barrels of oil per day and that this level should be maintained until the end of 2014.
Gazprom Neft also said that the consortium of companies involved in Badra should begin receiving a share of the oil produced at the field within 90 days, according to the service contract the consortium has with the Iraqi government.
Two wells are currently in production at the field and a further three wells are being drilled under a contract with Chinese company ZPEC. According to the service contract, production at the field will eventually achieve 170,000 bopd.
Gazprom Neft Chairman Alexander Dyukov commented in a company statement:
"Over the period of just a few years, a consortium of companies led by Gazprom Neft has fully prepared Badra, one of the most complex geological field structures in Iraq, for full-scale commercial development. This is the first major international project in upstream the company has implemented from scratch. The unique experience gained during this project will contribute to our development of future projects both in Russia and internationally."
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