A Gazprom-led consortium has won the licence to operate the Badra oilfield in Iraq.
Gazprom holds a 40% stake in the consortium, comprising 30% interest from Korean Gas (Kogas), 20% from Petronas and 20% from TPAO, the Joogang Daily reported citing Korea’s Ministry of Knowledge Econcomy.
The Badra field is located in southeast of Iraq near the Iranian border and holds 800 million barrels of oil reserves, the Ministry said.
The consortium has reportedly pledged $1.5 billion to develop the field and lowered the asking price per barrel to $5.50 from $6 in a bid submitted during Iraq’s second licensing round.
Meanwhile, the Rurkish Energy Ministry said TPAO's portion of development costs at Badra will be between $300 million and $350 million.
Other than Badra, Kogas was also awarded as part of an Eni-led consortium, the licence for Zubair oilfield in Iraq.
Kogas’ share of production from Zubair stand at 200 million barrels from 2010 to 2030. Another 20 million barrels will come from the Badra oilfield from 2013 to 2030, according to estimates released by the Ministry.