By John Lee.
The First Deputy Chief Executive Officer of Russia’s Gazprom Neft has said that the company plans to boost oil production at Iraq’s Badra oil field from 65,000 barrels per day at present to 115,000 bpd “in the next year“.
Vadim Yakovlev told the St. Petersburg International Economic Forum (SPIEF) on Thursday that production may increase further to 170,000 bpd.
According to TASS, it was reported earlier that Gazprom Neft plans to fully compensate its Badra project costs in 2018.
The oilfield development project is designed for 20 years with an optional 5-year extension.