Russia's Gazprom Neft expects to start commercial production of 15,000 barrels of oil per day at the Iraqi Badra gas field in August 2013, the company said on Friday, Reuters informs.
The company, the oil arm of Russia's gas export monopoly Gazprom, said it commenced drilling the first appraisal well at Badra on Thursday.
"The results of the initial appraisal wells will allow us to better understand the geology of the location, produce a definitive operating plan and move to commercial production of at least 15,000 barrels of oil per day in August 2013," Vadim Yakovlev, Gazprom Neft's first deputy head, said in a statement.
In January Iraq signed a deal with Gazprom Neft, Turkey's TPAO, Korea's Kogas and Malaysia's Petronas to develop the Badra oilfield, with estimated reserves of 100 million barrels of oil. The field is near Iraq's border with Iran.
Russia's Gazprom Neft to start oil production in Iraq
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