Gazprom Neft, partners may increase Badra investment

Russia’s Gazprom Neft and its international partners developing the Iraqi Badra oilfield are considering investing an additional $2.5 billion in the project by 2030, Gazprom Neft CEO Alexander Dyukov said Wednesday.

To date, the consortium, led by Gazprom Neft, has invested roughly $4 billion in the project, Kallanish Energy learns.

The executive this week inaugurated commercial operations at the field’s new gas processing plant, with the capacity to produce 1.6 billion cubic meters per year (Bcm/y) of associated petroleum gas (APG). (See related story)

Iraqi’s oil minister, Jabar Al-Luaibi, told reporters during the opening ceremony the Badra oilfield is now producing 85,000 barrels per day (BPD) of crude. He added its associated gas plant is expected to reach 50 million cubic feet per day (MMcf/d) production in the first quarter of 2018, up from the current 35 MMcf/d.