Gazprom Delays Oilfield Launch

By John Lee.

Russia's Gazprom Neft has postponed initial production at the Badra oilfield until next year, due to safety concerns and logistical problems.

Reuters reports that the company announced in a Eurobond prospectus that it had postponed the December launch due to "the failure on the part of certain contractors to fulfill their contractual obligations and certain issues related to the safety and security of employees and property."

The company also cited delays by Iraqi authorities over tender approvals, holdups to customs clearance for import cargo and a shortage of local contractors.

(Source: Reuters)

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