Currently, the company is delivering over 15,000 barrels of oil per day from Badra to the pipeline and this level will be maintained until the end of 2014.
Under the service contract with the Government of Iraq, the consortium of investor companies will receive a share of the oil produced at the field following a period of 90 days upon launch of commercial supply.
Gazprom Neft management board chairman Alexander Dyukov said: "Over the period of just a few years, a consortium of companies led by Gazprom Neft has fully prepared Badra, one of the most complex geological field structures in Iraq, for full-scale commercial development.
"This is the first major international project in upstream the company has implemented from scratch. The unique experience gained during this project will contribute to our development of future projects both in Russia and internationally."
The Iraqi State Oil Marketing Organization (SOMO) is responsible for oil sales and Gazprom Neft is the operator of the Badra field.
A share of oil will be delivered to the investor companies each quarter to reimburse their initial project costs, following which the investor companies will receive remuneration in kind for ongoing development at the rate of $5.5 of oil per barrel produced.
Image: Badra oil field in Iraq. Photo: © 2006 — 2014 JSC Gazprom neft
