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"Gazprom Oil" launches an important project in IraqRussian oil company Gazprom Oil is set to launch gas infrastructure for Iraq's Badra oil project in the presence of Russian Minister Alexander Novak and Iraqi President Jabbar al-Luaibi.
The infrastructure will allow the use of dry gas in the electricity supply to residents of several provinces in Iraq. The project will have a capacity of about 1.6 billion cubic meters per year. The Badra reserves are estimated at 3 billion barrels of crude oil.
Gazprom Petroleum, the oil arm of the Russian gas giant Gazprom, is engaged in exploration and extraction in the Badra field with partners from an international consortium. The Russian company's share is 30 percent, while Korean company Kogas is 22.5 percent. The Malaysian company Petronas owns 15 per cent, the Turkish company TPAO 7.5 per cent, the Oil Exploration Company 25 per cent and the investment period of the project is 20 years with an extension of five years.
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