Posted on 22 February 2012 .
Reuters reports that Iraq’s cabinet has approved a $329.8 million tender with British oil service firm Petrofac for the country’s Badra oilfield.
Petrofac plans to build a major crude processing facility to help production at the field to reach 170,000 barrels of oil per day (bpd) in 2017, a target which was set by Iraq’s oil ministry.
Russia’s Gazprom Neft, Turkey’s TPAO, South Korea’s KOGAS and Malaysia’s Petronas, are teaming up to develop the field near the Iran border, which has estimated reserves of 100 million barrels.
Gazprom Neft, expects to start commercial production of 15,000 bpd of oil at the Badra field in August 2013.
Dr. Mark A. DeWeaver
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