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Sex tape spliced into graduation video
BAGHDAD, Jan. 29 (UPI) -- Gazprom Neft, the oil arm of Russian energy giant Gazprom, signed a contract in Iraq to develop the Badrah oil field in eastern Iraq, the company announced.
Gazprom Neft leads a consortium with Korean giant Kogas, Turkey's national oil company TPAO and Malaysia's Petronas to develop the Badrah oil field near the border with Iran.
Badrah holds as much as 100 million barrels of oil. The Gazprom Neft consortium aims to produce 170,000 barrels of oil per day from the field through a 20-year contract.
"Implementation of the project to develop the Badrah oil field is a key stage in the Company's development in the international markets," said Gazprom Neft chairman Alexander Dyukov. "With the start of work in Iraq, Gazprom Neft is making yet another significant step in fulfilling its long-term plan of output expansion by 2020."
Russia's largest independent crude oil producer LUKoil clinched its own deal to develop the West Qurna-2 oil field during Iraq's second post-war oil auction in December. LUKoil is expected to sign off on West Qurna-2 during the weekend.
Tony Hayward, the top executive at British supermajor BP, told the delegates at the World Economic Forum in Davos, Switzerland, that Iraq could increase its oil production from 2.5 million barrels per day to 10 million bpd by 2020 with its newly-inked oil contracts.
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