Halliburton Gets $95 Million Gazprom Neft Contract In Iraq
05/17/2012| 09:31am US/Eastern
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U.S.-based energy services giant Halliburton Co (>> Halliburton Company) has won a $95 million contract from Russian state oil producer OAO Gazprom Neft (>> JSC Gazprom Neft) to test and complete 11 wells at the untapped Badra oil field in eastern Iraq, the firm said in a statement Thursday.
Gazprom Neft, which is a majority-owned by gas giant OAO Gazprom (>> Gazprom OAO), said testing of the first well, is scheduled to start in the third quarter of this year.
"Production will commence once the final field development plan is completed in 2013," the Russian firm said.
The Gazprom consortium, which includes South Korea's Gas Corp. (036460.SE), or Kogas, Turkish Petroleum Corp., or TPAO, and Malaysia's Petronas, plans to start production from the field in 2013 and reach 170,000 barrels a day by 2017 according to a development plan agreed with the Iraqi government.
Badra's reserves are estimated at about 3 billion barrels of oil.
Gazprom, which owns the largest stake in the consortium at 40%, signed a contract with Baghdad to develop the field in January 2009.
-By Hassan Hafidh, Dow Jones Newswires; +962 799 831 831; hassan.hafidh@dowjones.com
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