Russia’s Gazprom Neft and partners developing Iraq’s Badra oil field plan to invest a further $2.5 billion in the project until 2030, Gazprom Neft Chief Executive Alexander Dyukov said Dec. 7.
So far, investments by an international consortium which includes Gazprom Neft, South Korea’s Kogas, Malaysia’s Petronas, and Turkey’s TPAO, have amounted to $4.0 billion.
Gazprom Neft is the project operator.
The oil field is now producing 85,000 barrels per day, Iraqi Oil Minister Jabar al-Luaibi said. Its associated gas plant would increase output to 50 million cubic feet per day (MMcf/d) in first-quarter 2018, up from 35 MMcf/d now, he added.
Iraq could import natural gas from Iran to be processed at the Badra gas facility, Luaibi said.
The study's findings raise the prospect of future discoveries in the area, which has been left untouched over 50 years of exploration activity in the North Sea, said the university.
Coal seam gas wells are turning out to be less productive than thought.
In reply to a question about the contracts, known in the oil and gas industry as "farm-outs," President Andres Manuel Lopez Obrador said the country would not offer more for the time being.