Russia’s Gazprom Neft and partners developing Iraq’s Badra oil field plan to invest a further $2.5 billion in the project until 2030, Gazprom Neft Chief Executive Alexander Dyukov said Dec. 7.
So far, investments by an international consortium which includes Gazprom Neft, South Korea’s Kogas, Malaysia’s Petronas, and Turkey’s TPAO, have amounted to $4.0 billion.
Gazprom Neft is the project operator.
The oil field is now producing 85,000 barrels per day, Iraqi Oil Minister Jabar al-Luaibi said. Its associated gas plant would increase output to 50 million cubic feet per day (MMcf/d) in first-quarter 2018, up from 35 MMcf/d now, he added.
Iraq could import natural gas from Iran to be processed at the Badra gas facility, Luaibi said.
Recommended Reading
Exxon Mobil, Chevron See Profits Fall in 1Q Earnings
2024-04-26 - Chevron and Exxon Mobil are feeling the pinch of weak energy prices, particularly natural gas, and fuels margins that have cooled in the last year.
Marathon Oil Declares 1Q Dividend
2024-04-26 - Marathon Oil’s first quarter 2024 dividend is payable on June 10.
Talos Energy Expands Leadership Team After $1.29B QuarterNorth Deal
2024-04-25 - Talos Energy President and CEO Tim Duncan said the company has expanded its leadership team as the company integrates its QuarterNorth Energy acquisition.
Energy Transfer Ups Quarterly Cash Distribution
2024-04-25 - Energy Transfer will increase its dividend by about 3%.
From Restructuring to Reinvention, Weatherford Upbeat on Upcycle
2024-02-11 - Weatherford CEO Girish Saligram charts course for growth as the company looks to enter the third year of what appears to be a long upcycle.