Iraq signs final contract with Gazprom-led group for Badra field

BAGHDAD / IraqiNews.com: The Iraqi Ministry of Oil on Thursday signed a final contract with a consortium led by Russia’s Gazprom to develop Wassit’s Badra oilfield as part of the second oil licensing round. A group that includes Turkey’s TPAO and Korea’s Kogas, as well as Gazprom has been awarded a contract to develop the oilfield during the second oil bidding round. Iraq hopes the contracts signed during the first two oil licensing rounds will help bring the country’s oil production to 12 million barrels per day (bpd) in six years from a current production level of about 2.5 million bpd. SS (P)/SR 3