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Gazprom Neft CEO says operations in Iraq continue despite regional tensions

January 17/ 08:03

Moscow. Gazprom Neft continues crude production operations at its Iraqi projects despite the regional tensions, Chief Executive Officer of the Russian oil company Alexander Dyukov told reporters on Thursday.

"Production is underway as usual," he said.

The situation in Iraq deteriorated at the end of last year following US strikes against Shiite groups in the city of al-Qaim in the vicinity of the border with Syria, which left 27 militias dead. In response, Shiite activists stormed the US embassy in Baghdad on December 31. Anti-American protests have intensified in the country since then.

Against this background, US petroleum corporation Chevron informed that it evacuated all of its American oil workers from Iraq.

 

Gazprom Neft is involved in implementation of four projects in Iraq, three of which are located in the Kurdistan Region.

Gazprom Neft Middle East holds stakes in Halabja, Shakal and Garmian blocks. The share of Gazprom Neft in Halabja and Shakal totals 80% (the remaining stake is owned by the government of the Kurdistan Region), while the share in the Garmian block amounts to 40%.

The company’s fourth project in Iraq is the development of the Badra field, which is located in the Wasit Province in the eastern part of the country. According to preliminary estimates, geological reserves of Badra stand at 3 bln barrels of oil. Gazprom Neft is the operator of the project and owns a 30% stake. Commercial production started in Badra in August 2014.

 

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