Iraq, Gazprom examine potential oil and gas partnerships

Baghdad (IraqiNews.com) – Top Iraqi officials, including Oil Minister Hayyan Abdul-Ghani, and Gazprom executives met in Moscow, Russia, to examine the potential for bilateral collaboration. The two sides talked on ways of establishing and capitalize on joint ventures in Iraq.

The meeting featured Hussein Kazem Laibi, Director of the Iraqi Missan Oil Company, and Alexander Dyukov, CEO of Gazprom Neft.

Since 2010, Gazprom Neft has been running the Badra oil field project in Iraq’s Wasit Province.

According to Interfax, geological reserves of 3 billion barrels of oil were first commercially shipped from the field in August 2014. The development project will last for 20 years, with a five-year extension being an option.

An affiliate of the Iraqi government, the Iraqi Oil Exploration Company (OEC), has 25% of the Badra oil field, while Gazprom Neft holds 30%, Kogas holds 22.5%, Petronas holds 15%, and TRAO holds 7.5%.