Gazprom Neft Launches Oil Wells in Iraq

Russian oil firm Gazprom Neft said on Thursday it had launched three new wells at the Badra oilfield in Iraq. The overall oil production rate of the three wells is 23,000 barrels per day, and daily output at the field has reached 77,000 barrels, Gazprom Neft said. Gazprom Neft estimates Badra holds around 3 billion barrels of oil in place. The company, the oil arm of Russian gas giant Gazprom, brought Badra online in late 2013. The contract for the Badra field calls for the eventual production of 170,000 barrels per day. Gazprom Neft is also extending its presence in Iran's petroleum industry. The company, which has signed a preliminary agreement to study two oilfields in western Iran, is expected to submit its master development plan for the fields by late July, according to a statement by the company's First Deputy CEO Vadim Yakovlev.