Iraq invited Gazprom Neft to develop a field worth 586 million tons – Kommersant

The Iraqi government invited the Russian company Gazprom (MOEX: GAZP) oil” for the development of the Nasiriya field in southern Iraq, reports Reuters, citing the decision of the Cabinet of Ministers. According to open sources, Nasiriyah’s reserves are estimated at 586 million tons of oil.

“On a one-time basis, a resolution was approved to involve Gazprom in the development of the Nasiriyah field. This measure is adopted as an exception to Art. 3 clause 6 of the instructions for the implementation of government contracts, adopted in 2014,” stated in the message of the Prime Minister of Iraq Mohammed Shiya Sabbar al-Sudani (quoted from TASS).

The report notes that responsibility for the completeness and quality of the procedures provided for by the agreement rests with the Iraqi Ministry of Oil.

In 2021, the production capacity of Iraq’s Nasiriyah oil field was 100 thousand barrels per day (b/d). That same year, Iraq announced that LUKOIL trader Litasco was investing in the development of the field.

It was assumed that the Russian company would finance an increase in the production capacity of Nasiriya to 200 thousand b/d, as well as the construction of an oil refinery with a throughput capacity of 100 thousand b/d.

At that time, LUKOIL President Vagit Alekperov said that the company was not involved in financing Nasiriya, but was organizing the transportation of oil from the field. The company is developing Iraqi fields in West Qurna 2 and, from March 2023, in Eridu.

Gazprom Neft is producing at a field in eastern Iraq with geological reserves of more than 409 million tons of oil. The company is the operator of the project with a 30% share. Through its subsidiary Gazprom Neft Middle East, the company is also involved in oil and gas projects in Iraqi Kurdistan – Shakal (80% share) and Garmian (40%).

More details in the material “Iraq has found a project for LUKOIL”.

Alexandra Goroshilova