Badra deal

22 February 2012

Petrofac has been given the green light by Iraq’s government for a near USD 330 million services contract at the Badra oilfield. The UK oilfield services giant is looking to build a large crude oil processing facility at the field close to the Iran border. The Iraqi cabinet approved the USD 329.8 million tender on February 21st. The processing facility is expected to help the field reach 170,000bpd of production by 2017. Estimate reserves are put at 100 million barrels. Gazprom Neft expects to start commercial production at the field of 15,000bpd in August 2013.