By John Lee.
Iraq and the Russian state oil producer Gazprom Neft have awarded an $879 million contract to South Korea's Samsung Group to develop the Badra oil field in eastern Iraq.
Samsung will design and build phase two of a central processing facility (CPF) for oil production in the field, which is expected to take two years to complete.
Dow Jones reports that initial production from the field is expected to be 15,000 bpd at the end of September this year, increasing to 170,000 bpd by 2017, according to the development plan agreed with the Iraqi government.
The field is being developed by Gazprom (30%), Korea’s KOGAS (22.5%), Malaysia’s Petronas (15%), Turkey’s TPAO (7.5%), and Iraq (25%).
(Source: Dow Jones)