Iraqi Kurdistan authorities require oil companies to reduce project costs

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The Russian “Gazprom Oil” announced that the authorities of the Kurdistan Region of Iraq asked the oil companies, including “Gazprom Oil Middle East”, to reduce the costs of projects.

The press office of the Russian company said that it does not plan to reduce investment projects in the Sarkal field, while such requests were not in respect of the Badra field. “The Autonomous Kurdistan Regional Government in the Republic of Iraq has resorted to oil producing companies operating in the region – including Gazprom East Oil Al-Sharq – with a request to reduce costs. Moreover, all project costs were initially agreed with the relevant ministry and are now below the required level. Therefore, at the present time there is no plan to reduce the investment program for the development of the Sarkal field. ”

The company also added that there are no proposals to reduce costs from the Iraqi government with regard to the “Gazprom Oil” company in the Badra field in eastern Iraq.
S&P Global Platts said, quoting a letter from Basra Petroleum Company stating that the Iraqi company had asked the Italian company “Lukoil”, “Eni”, and “British” BP, in addition to the American “Exxon Mobil”, to cut budgets Their projects in the republic increased by 30% and postponement of payments to subcontractors due to the current collapse in oil prices.
Badra field is located in Wasit governorate in eastern Iraq. Industrial oil production began there in May 2014. Badra’s geological reserves are estimated at 3 billion barrels of oil. Under the 2010 contract, the field is being developed by a consortium consisting of Gazprom Neft (with operator placement, 30%), Kogas (22.5%), Petronas (15%) and TPAO (7.5%), and the Iraqi government represented in an oil exploration company by 25%.

In Iraqi Kurdistan, Gazprom Oil is involved in two projects: Shakal and Garmian (Sarkal field). The share of Gazprom oil in Garmian is 40%, the Kurdistan Regional Government – 20%, and the Canadian company Western Zagros – 40%. Gazprom Oil Company has been operating the “German” project since February 29, 2016.

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