Gazprom Neft risks Badra contract with KRG deals

Russia’s Gazprom Neft has become the latest large oil company to enter the Kurdish region of Iraq, taking stakes in two blocks and risking its operatorship of the 3 billion barrel Badra field in the south of the country.

The oil division of Russian gas export monopoly Gazprom will take a 40% share in the large Garmian block in the far south-east of the Kurdish region under a third party assignment option retained by the Kurdish regional government.

Canadian firm WesternZagros, which is the other production sharing contract participant with a 40% share, will remain the project operator until the commencement of the development period mandated by the PSC.