Russia's Gazprom Neft Oil Output in Badra Field in Iraq Reaches 3Mln Tonnes

Gazprom Neft Badra has reached the figures in less than two years of commercial exploitation.

MOSCOW (Sputnik) — The aggregated output of oil pumped from the Badra oil field in Iraq by a subsidiary of the Russia oil giant Gazprom Neft has reached 3 million metric tons, the company said on Tuesday.

"Gazprom Neft Badra, a subsidiary of Gazprom Neft, has pumped its 3 millionth tonnes of oil," the company's statement reads, adding that this result has been reached in less than two years of commercial exploitation.

Oil production in Badra since the beginning of 2016 has exceeded the rate of 1.3 million metric tons, according to the company.

Earlier in the year, the company put four wells into operation, yielding a total of 30,500 barrels daily. The company is said to be drilling four more wells to be completed sometime in the beginning of 2017.

The Badra reserves are estimated at 3 billion barrels of oil. The oil field is being developed by the Iraqi state-owned Oil Exploration Company, which has 25-percent stake, as well as by foreign investors.