The Badra oilfield is producing 15,000 barrels a day into Iraq’s main pipeline system.
The field, which is operated by Gazprom Neft, has been producing 15,000 barrels a day for more than three months.
Under the terms of the contract, the consortium investors will be reimbursed for costs incurred and paid a fee of $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, with investor companies selling on their share of oil independently.
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 DSP’s capacity from 60,000 to 120,000 barrels per day.
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