Senior Iraqi officials, led by Oil Minister Hayyan Abdul-Ghani, have converged in Moscow to discuss potential collaborations with Gazprom, the Russian energy giant. The discussions revolved around the creation of joint ventures and partnerships in Iraq’s oil and gas sector.
This high-profile meeting brought together prominent figures from both sides, with Hussein Kazem Laibi, Director of the Iraqi Missan Oil Company, representing Iraq and Alexander Dyukov, the CEO of Gazprom Neft, leading the Gazprom delegation.
Of particular interest during the discussions was Gazprom Neft’s involvement in the Badra oil field project in Iraq’s Wasit Province, an endeavor that commenced in 2010. Notably, this project witnessed a milestone when, as reported by Interfax, commercial shipments from the field commenced in August 2014, revealing geological reserves estimated at a staggering 3 billion barrels of oil.
The project is projected to extend over two decades, with the possibility of a five-year extension. As of now, the Badra oil field’s stakeholders include the Iraqi Oil Exploration Company (OEC) with a 25% share, Gazprom Neft with a 30% stake, Kogas at 22.5%, Petronas holding 15%, and TRAO with a 7.5% interest.
This meeting signals a significant step in strengthening the partnership between Iraq and Gazprom, further solidifying their cooperation in the dynamic realm of energy exploration and production. The potential ramifications of this collaboration are closely monitored by industry experts and international observers.
