Halliburton has won a $95 million contract from Russian state oil producer Gazprom Neft to test and complete 11 wells at its Badra oil field in eastern Iraq, according to the Wall Street Journal.
Gazprom 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 field, which has estimated reserves of 100 million barrels of oil, is being developed by Gazprom (30%), Korea’s KOGAS (22.5%), Malaysia’s Petronas (15%), Turkey’s TPAO (7.5%), and Iraq (25%).
(Source: Wall Street Journal)