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Gazprom cut production Badra oil field[/size]
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2 hours ago
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Gazprom cut production Badra oil field[/size]
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2 hours ago
The company was forced to reduce its production ceiling in Iraq's oil field Badra, after it turned out to be more geologically complicated than previously thought, an executive at Gazprom Oil said on Thursday.
A consortium of Gazprom Petroleum, South Korea's GAS (KOGAS), Malaysia's Petronas, the Iraqi Oil Exploration Company and Turkey's TPAO have planned to reach a peak production of 170,000 bpd.
But Gazprom's chief project manager, Denis Sujibov, said the consortium had suggested the Iraqi government set a production ceiling in the next few years at around 85,000 bpd.
To date, the project has invested $ 4 billion, including $ 1 billion for a gas treatment plant, and by 2030 the consortium will invest an additional $ 2.5 billion.
Gazprom's Chief Executive Officer Vadim Yakovlev said the Badra field is expected to reach 110,000 bpd in the future.
Iraq has asked foreign producers to cut spending on oil projects to reduce the government's lack of liquidity in joint ventures.
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