Russia Draws New Oil in Iraq

Brian Hicks

Written By Brian Hicks

Posted January 9, 2014

Gazprom Neft oil field badra iraq

Russia’s fourth-largest oil producer Gazprom Neft (LSE: GAZ) announced on Thursday that it had hit first oil in the Badra oilfield in Iraq. This announcement comes two months after Gazprom Neft postponed production at the field due to safety, logistical, and regulatory issues.

The field has a natural flow rate of 7,000 barrels per day, but the infrastructure needed to extract and transport the oil is far from finished. Gazprom Neft says construction is under way and is “nearing completion” but part of the company’s delay in November came from a lack of local contractors so the company’s actual progress is unclear.

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