Gazprom Neft and Iraqi authorities discuss oil and gas cooperation, potential JV structures

MOSCOW. Oct 13 (Interfax) - The management of Gazprom Neft and the Iraqi authorities discussed prospects for bilateral cooperation, the Iraqi Oil Ministry said in a statement.

The meeting took place on the sidelines of Russian Energy Week. It was attended by the head of Gazprom Neft, Alexander Dyukov, Iraq's Minister of Oil, Hayyan Abdulgani, and General Director of the Iraqi Missan Oil Company, Hussein Kazem Laibi.

The parties discussed ways of establishing and developing joint ventures, the report notes.

Gazprom Neft has been the operator of the Badra project in Iraq since 2010. Commercial shipment of oil from the field began in August 2014. Badra is located in the Wassit province in eastern Iraq. Geological reserves are estimated at 3 billion barrels of oil. The development project has a duration of 20 years with a possible extension of five years.

Gazprom Neft's share is 30%; Kogas has 22.5%, Petronas 15%, and TRAO 7.5%. The share of the Iraqi government, represented by the Iraqi Oil Exploration Company (OEC), is 25%.