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Gazprom Raises Output in Iraq

Gazprom Raises Output in IraqGazprom Raises Output in Iraq

The aggregated output of oil pumped from the Badra Oilfield in Iraq by a subsidiary of the Russia oil giant Gazprom Neft has reached 3 million tons, the company said on Tuesday. "Gazprom Neft Badra, a subsidiary of Gazprom Neft, has pumped its 3 millionth tons of oil," the company's statement reads, adding that this has been reached in less than two years of commercial exploitations, Sputnik reported. Oil production in Badra since the beginning of 2016 has exceeded 1.3 million tons, according to the company. Earlier in the year, the company put four wells into operation, yielding a total of 30,500 barrels daily. The company is said to be drilling four more wells to be completed sometime in the beginning of 2017. The Badra reserves are estimated to be 3 billion barrels of oil. The oilfield is being developed by the Iraqi state-owned Oil Exploration Company, which has a 25% stake, as well as by foreign investors.

 

Financialtribune.com