Russia’s Gazprom said Monday that commercial production and oil exports have started at its Badra, Iraq field.
The first oil from the field is being delivered to Iraq’s main pipeline where it will be transported to an export terminal in Basra on the Persian Gulf, Reuters said.
Current deliveries are about 15,000 barrels per day and should hold at that level until the end of 2014.
The consortium of companies that invested in the project will begin receiving oil produced at Badra within 90 days.
The consortium includes South Korea’s Kogas with a 22 percent share, Malaysia’s Petronas with a 15 percent share and Turkey’s TPAO with a 7.5 percent share.
Iraq’s State Oil Marketing Organization is the operator of the field.
Production at Badra is expected to top 170,000 bpd.
Two wells are currently in production at Badra and three more wells are being drilled by China-based Zhongman Petroleum and Natural Gas Group (ZPEC).
“This is the first major international project in upstream the company has implemented from scratch. The unique experience gained during this project will contribute to our development of future projects both in Russia and internationally,” Gazprom chairman Alexander Dyukov said.
Badra is in eastern Iraq near the Iraq-Iran border.
Reserves at Badra are estimated at 3 billion barrels.