Gazpromneft pays a premium of $50 million to join its third project in Iraq

Gazpromneft has paid a premium in the amount of $50 million for joining the Halabadzha project in Iraqi Kurdistan.

Gazpromneft participates in 3 projects in Kurdistan with the total amount of recoverable reserves of not less than 670.5 million barrels of oil equivalent. The production at the Garmian and Shakal blocks is expected to start in 2015.