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Gazprom Neft gets second batch of Badra oil from Iraq's government
9/21/2015
ST. PETERSBURG -- Gazprom Neft has received its second allocation of oil from the Iraqi State Organization for Marketing of Oil (SOMO) in compensation for costs incurred in developing Badra oil field.
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The allocation—1 MMbbl of Basrah Heavy—was dispatched by a ship chartered by the purchaser (the ultimate recipient of the oil, who appears to be one of Europe’s most important oil refiners) from the Iraqi terminal at Basra, in the Persian Gulf.
The first consignment of oil to Gazprom Neft (500,000 bbl) was received in April 2015.
A key condition of fulfillment of the development contract—delivery of a minimum 15,000 bopd into the main trunk pipeline over the course of 90 days—was met at the end of November 2014, compliance with which allowed investors to start receiving compensation for costs incurred. The crude oil is transferred to consortium participants quarterly, with each company arranging its subsequent sale independently.
Commercial oil shipments from Badra commenced in August 2014—all necessary infrastructure for crude production and transportation having been installed over three years prior to this. Five wells are currently in operation at Badra, with drilling being undertaken for a further three. Production at the field currently stands at 35,000 bopd.
Badra field is in Wasit province in eastern Iraq. Preliminary estimates indicate total oil in place at Badra field to be in the order of three Bbbl.
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9/21/2015
ST. PETERSBURG -- Gazprom Neft has received its second allocation of oil from the Iraqi State Organization for Marketing of Oil (SOMO) in compensation for costs incurred in developing Badra oil field.
null
The allocation—1 MMbbl of Basrah Heavy—was dispatched by a ship chartered by the purchaser (the ultimate recipient of the oil, who appears to be one of Europe’s most important oil refiners) from the Iraqi terminal at Basra, in the Persian Gulf.
The first consignment of oil to Gazprom Neft (500,000 bbl) was received in April 2015.
A key condition of fulfillment of the development contract—delivery of a minimum 15,000 bopd into the main trunk pipeline over the course of 90 days—was met at the end of November 2014, compliance with which allowed investors to start receiving compensation for costs incurred. The crude oil is transferred to consortium participants quarterly, with each company arranging its subsequent sale independently.
Commercial oil shipments from Badra commenced in August 2014—all necessary infrastructure for crude production and transportation having been installed over three years prior to this. Five wells are currently in operation at Badra, with drilling being undertaken for a further three. Production at the field currently stands at 35,000 bopd.
Badra field is in Wasit province in eastern Iraq. Preliminary estimates indicate total oil in place at Badra field to be in the order of three Bbbl.
[You must be registered and logged in to see this link.]
