Gazprom seals Badrah deal

Getting to work: in Iraq

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By News Wires

 28 January 2010 11:07 GMT

Iraq signed a final deal with a group led by Russia's Gazprom today to develop its eastern Badrah oilfield with estimated reserves of 100 million barrels of oil.

Gazprom is partnering with Turkey's TPAO (10%), South Korea's Kogas (30%) and Malaysia's Petronas (20%) for the field, which is near Iraq's border with neighbouring Iran.

The group agreed to a $5.50 per barrel fee at Iraq's second oilfield auction in December.

The consortium will invest a total of $3.52 billion to pump 170,000 barrels of oil per day (bpd) from Badrah, Reuters quoted Kogas as saying in a statement.

Kogas said today it would invest $1.05 billion in the development

The investment follows an announcement last week that Kogas will invest $6.5 billion in…

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