Gazprom Neft and Iraq agree to change working conditions at Badr

Gazprom Neft has agreed with the Iraqi authorities to update the Badra field development plan and to clarify the cost recovery mechanism, said Vadim Yakovlev, Deputy Chairman of the Management Board, on the sidelines of the SPE Annual Technical Conference in Dubai. According to him, the parties need to officially formalize this agreement for it to come into force. As explained by Mr. Yakovlev, the current parameters of the OPEC + deal, allowing the participating countries to increase production by 400 thousand barrels of oil per day in aggregate every month, meet the current conditions for market. At the same time, if necessary, Gazprom Neft is ready to increase production more quickly. “By and large, I think they are responsible. But in the end, these are decisions that are made at the level of the participating countries. I have no doubt that this mechanism will ensure a stable situation in the market, no matter how short-term factors act. At the same time, if it is necessary to increase production volumes faster than it was announced, we are ready for this ”, -….

Leave a Reply

Your email address will not be published. Required fields are marked *