Investors in Badra Field to Start Seeing Returns

Source: www.gulfoilandgas.com 12/8/2014, Location: Middle East

In the 90 days up to late November 2014 around 15,000 barrels per day were released from the Badra oilfield into Iraqís main pipeline system. This is in line with the basic terms of the fieldís development contract. The Badra field is operated by Gazprom Neft.

Once the field is achieving this level of production over a 90 day period, the consortium investors will be reimbursed for costs incurred and paid a fee of USD 5.5 per barrel of oil equivalent produced.

The Iraqi State Oil Marketing Organization (SOMO) is responsible for oil sales from the Badra field. Each quarter SOMO will deliver a share of oil from the Basra export terminal on the Persian Gulf to the investor companies to reimburse their initial project costs. Each of the companies signed an agreement to this effect at the end of November. Each investor company will then be selling on their share of oil independently.

Commercial shipments of crude oil from the Badra field began three months ago. All of the infrastructure required to produce and deliver oil from the field has been developed over a period of only years. Two wells are currently in production at the field; a third well has been drilled and tested and is soon to be commissioned and a further six exploration wells are currently being drilled. The second phase of the central gathering point (DSP) is expected to be developed by the end of the year, and will increase the DSPís capacity from 60,000 to 120,000 barrels per day.


Australia >>  7/4/2022 - Jadestone Energy plc, an independent oil and gas production company focused on the Asia-Pacific region, provides the following update on operations at...
United Kingdom >>  7/4/2022 - IOG plc, the Net Zero UK gas and infrastructure operator focused on high return projects, has released an updated Investor Presentation incorporating ...

Kuwait >>  6/30/2022 - Dr. Muhammad Abdul Latif Al-Fares, His Excellency the Deputy Prime Minister, Minister of Oil, and Minister of State for Council Affairs, led the State...
Kuwait >>  6/30/2022 - Today, Thursday, the members of the (OPEC +) coalition decided to increase output by 648,000 barrels per day in August. Following the 30th ministerial...

Norway >>  6/30/2022 - The authorities have granted consent to start production from the Nova field in the North Sea. Nova will be developed with two seabed templates, one f...
United Kingdom >>  6/30/2022 - Serica Energy plc, announces that at the Annual General Meeting today, presentations will be made by both the Chairman, Tony Craven Walker, and the Ch...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.