Russian state-backed gas giant Gazprom has commenced drilling at the Badra field and will complete exploratory drilling by April 2012, according to a Dow Jones Newswires report.
The company, which holds the world’s largest natural gas reserves, won the contract at the three billion barrel Badra field in 2009, and awarded the contract for exploratory drilling to Schlumberger.
The first appraisal well reached 4,900 metres on 24 November . After the initial exploration programme a deep appraisal well is planned to be spudded in June 2012, which will reach 6,200 metres.
“The results of the initial appraisal wells will allow us to better understand the geology of the location, produce a definitive operating plan and move to commercial production of at least 15,000 barrels of oil per day in August 2013. All the work on the project is being carried out in line with the schedule set out in the Badra operating agreement,” commented Vadim Yakovlev, First Deputy CEO of Gazprom Neft, in a company statement.
Gazprom Neft’s share, as lead operator on this project, is 30 per cent, Kogas’ share is 22.5 per cent, Petronas’ share is 15 per cent and ТРАО’s share is 7.5 per cent. The Iraqi Government, represented by the Iraqi Oil Exploration Company (OEC) retains 25 per cent.
Gazprom is slated to spend $2 billion developing the field to its expected capacity of 170,000 barrels per day.
