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Gazprom Neft plans to invest 6.5 billion USD in Iraqi oil and gas field

Iraqi oil and gas field

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Gazprom Neft plans to invest 6.5 billion USD in the Iraqi oil and gas field near Badra by 2030. The Russian company has put into operation some of the facilities, which allows the production of 1.6 billion cubic meter of propane-butane gas per year.
During the ceremony of launching the production, the Russian Energy Minister Alexander Novak commented that Iraq has begun to recover its economy and Russia is interested in developing its relations with the country on commodities, trade and manufacturing. He expressed the willingness of Russian companies to participate in the modernization of the energy sector, including projects for the supply of equipment for coal power plants.
The gas field near Badra is located in the eastern part of Iraq. Preliminary estimates indicate that its stocks are about 3 billion barrels of oil. The commercial production began in 2014. The oilfield is now producing 85,000 barrels per day. Its associated gas plant would increase output to 50 million cubic feet (mcf)/day in the first quarter of 2018, up from 35 mcf/day now
Operator of the deposit is Gazprom Neft, which holds 30% of the project. The shareholders include Iraq Exploration Oil (25%), Kogas (22.5%), Petronas (15%), and Traco (7.5%). So far, 3.8 billion USD have been invested in the project, of which the Russian company is worth 1.6 billion USD.