In cooperation with Russian company, Iraq seeks to boost output from the Badra oilfield

Shafaq News/ Iraq seeks to boost output from the Badra oilfield operated by Russia's Gazprom Neft, a senior official at the Iraqi Ministry of Oil Ali al-Wardi said on Saturday.

Speaking to Sputnik, al-Wardi said, "we have an old contract...Gazprom continues to work pursuant to this contract. We have plans to increase production in this field."

The Badra field, which is located in the Wasit governorate in southern Iraq, has estimated in-place reserves of 3 billion barrels of crude. The project to develop the field is intended to span 20 years, with the possibility for a five-year extension.

The contract with the Iraqi government was signed in January 2010 by the consortium of Gazprom Neft (as operator), with a 30% stake in the project; South Korea's Kogas with 22.5%; Malaysia's Petronas with 15%; and Turkey's TPAO with 7.5%.

The Iraqi government, which is represented by Oil Exploration Company, has a 25% stake.