Gazprom Neft starts commercial oil dispatch from the Iraqi Badra deposit
Gazprom Neft starts commercial oil dispatch from the Iraqi Badra deposit. Its operator is Gazprom Neft as well. Oil at a rate of over 15,000 barrels a day is supplied to the Iraqi pipeline system for dispatching via the Basra export terminal in the Persian Gulf. Under the service contract for the deposit development closed with the Iraqi Government, the consortium of the investor companies will start receiving of a part of oil produced at Badra within 90 days after the start of commercial supplies.
Oil from all South Iraqi deposit is of Basrah Light sort. The fuel is sold by State Oil Marketing Organization /SOMO/. Every quarter SOMO will transfer to the Badra investor companies a part of oil produced at the deposit. Thus, the consortium will compensated for the expenses of the project. After their compensation, the investors will get a rewarding in oil of $5.5 per extracted barrel. Each company will sell oil on its own.