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A Gazprom-led consortium has made the winning bid for the development contract for the Badra oilfield in Iraq.
News agency AFP reported that the Russian energy giant will head a group of companies that includes South Korea’s KoGas, Malaysia’s Petronas and Turkey’s TPAO.
The consortium had initially bid US$6 per barrel of oil extracted, but quickly accepted the Iraq Oil Ministry’s offer of $5.50.
The Badra is in eastern Iraq near the Iranian border and has known reserves of 109 million barrels of oil. The Iraq Oil Ministry has set the field an estimated production target of 170,000 barrels per day.
Badra is also one of the smallest fields that was being offered for development by Iraq at the two-day auction in Baghdad.
