The launch of the Р-05 well has seen production at the Badra field reach levels comparable (in quantitative terms) with Gazprom Neft fields in Western Siberia, where oil production exceeds one million tonnes per year. Bringing the P-05 well into production will allow geological and engineering operations to be conducted at existing wells (P-08 and BD-04) in the nearest future, with no impact on total production volumes.
Further field development is currently ongoing, with drilling being completed and a further well (P-04) being brought online with expected flow rate at around 10,000 barrels per day. In addition to this, drilling of a further two wells (under a contract already in place with Chinese company ZPEC) is ongoing, with another currently being prepared for drilling to commence. The total number of drilling rigs at the Badra field is expected to increase from three to seven by the end of 2015.
The Badra oilfield is located in the Wasit Province, Eastern Iraq. Preliminary estimates indicate total oil in place at the Badra field to be in the order of three billion barrels. The contract for development of the field is expected to run for 20 years, with potential for extension by a further five. Commercial production commenced in 2014.
Following repayment of investors’ costs, the terms of the contract with the Government of Iraq envisage compensation in the order of $5.50 per barrel of oil: this contract having been signed with the Government of Iraq in January 2010, on behalf of a consortium comprising Gazprom Neft (operator), KOGAS (Korea), PETRONAS (Malaysia), and TPAO (Turkey). Gazprom Neft’s interest in the project is 30 percent, with KOGAS, PETRONAS and TPAO holding 22.5 percent, 15 percent, and 7.5 percent, respectively. The Iraqi government’s holding is represented by the Iraqi Oil Exploration Company (OEC), which holds 25 percent.
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