Gazprom Neft Plans $1bn Iraq Splurge

Source: Reuters 4/12/2013, Location: Middle East

Russia's Gazprom Neft, the oil arm of Gazprom is to spend 32.6 billion roubles ($1.1 billion) over the next three years on developing Iraq's Badra oil field as it pushes ahead with its overseas expansion. In a prospectus for a euro-denominated Eurobond worth some $1 billion, seen by Reuters.

The company also said that by 2017 as much as 170,000 barrels per day of crude oil could be produced for a period of seven years at Badra, where production is due to start later this year. Last year Gazprom Neft also acquired interests in two blocks in Iraqi Kurdistan despite the general opposition of the central Iraqi government to international oil firms developing fields in the autonomous region where control of its petroleum wealth is in dispute. In November Iraq told Gazprom Neft to quit oil deals with Kurdistan or pull out of its contract for the Badra oil field but the company was reported by analysts as saying it had decided it was going to stay in Kurdistan and develop the Badra field.

The Russian company has since signed a deal to take an 80 percent stake in the Halabja licence block in Iraq's Kurdistan region, where it has estimated prospective reserves at up to 100 million tonnes.

Gazprom Neft has said it plans to increase its total annual output of oil and gas to 100 million tonnes of oil equivalent by 2020 from around 60 million tonnes currently. ($1=30.8042 Russian roubles).

For more information about related Opportunities and Key Players visit Iraq Oil and Gas Projects


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