On Thursday (February 15), the head of Gazprom, Alexander Dyukov, announced that the company is seeking an agreement with Iraq on the terms of the contract of the “Badra” oil field project soon.
“We are still in the process of negotiating with the Iraqi Oil Ministry on the terms of the contract and ways to develop the Badra field,” Dyukov said at the Russian Investment Conference in Sochi.
He pointed out that in this regard, a joint committee of Russian ministries headed by “Kiril Moldetov” was formed after the visit of the Russian Energy Minister to Iraq last December. He declared during the first meeting of this committee, which was held in January, that Concrete steps have been taken to reach agreements.
“The second meeting is scheduled to take place in February 2018. We hope that in the near future we will reach agreements that serve the interests of both parties,” he added.
It is worth mentioning that the oil field of “Badra”, which is located in the province of Waset, Iraq, has an estimated geological reserve of 3 billion barrels. The drilling is being carried out by a consortium of companies. Including “Gazprom Petroleum”, (the operator of the project), South Korea’s “Ko-Gas”, and the Turkish Petroleum Company. The “Oil Exploration Company” also represents the Iraqi government. That is in accordance with the deal concluded in 2010.
The shipment of oil in commercial quantities from the Iraqi field “Badra”, has begun since August 2014, and the field is currently using three wells, while drilling three others.