Bloomberg News

Gazprom Neft to Trade Iraqi Oil This Year, May Bid for Fields

February 03, 2012

Feb. 3 (Bloomberg) -- OAO Gazprom Neft, the oil arm of the world’s biggest natural-gas producer, will start trading oil this year in Iraq, where it is developing the Badra field.

Trading volumes may reach 2.5 million metric tons a year, or 50,200 barrels a day, Deputy Chief Executive Officer Vadim Yakovlev said yesterday in St. Petersburg.

Gazprom Neft and Korea Gas Corp. won the rights to develop the Badra oil field, with investment of at least $2 billion, in December 2009. Gazprom Neft is considering bidding for two blocks that are part of Iraq’s fourth round of auctions, Yakovlev said.

To contact the reporter on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net


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