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Friday, January 29, 2010     FOR YOUR EYES ONLY

Russia leads consortium to develop Iraqi oil field

BAGHDAD — Russia intends to develop an oil field in Iraq.   

Russian state-owned Gazprom Neft has signed an agreement to develop Iraq's Badra oil field over the next 20 years.

Gazprom, leading a consortium that included South Korea's Korean Gas, Turkey's TPAO and Malaysia's Petronas, was contracted to begin work in 2010 in a project estimated at $2 billion.

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"The implementation of the project to develop the Badra reserves is a key stage in the company's development on international markets," Gazprom Neft chairman Alexander Dyukov said on Jan. 28.

Under the plan, Badra would reach a production capacity of 170,000 barrels of oil per day.

Gazprom, with a 30 percent stake, became the second Russian company to win a tender to develop Iraq's energy reserves. In December 2009, LukOil was awarded a project to develop Iraq's West Qurna-2 oil field.


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