Halliburton wins $95m deal at Gazprom's Badra

Gazprom said testing of the first well is scheduled to start in the third quarter of this year. GETTY IMAGES

Halliburton has won a $95 million contract from Russian firm Gazprom Neft to test and complete 11 wells at its Badra oil field in eastern Iraq, according to the Wall Street Journal.

Gazprom said testing of the first well is scheduled to start in the third quarter of this year. “Production will commence once the final field development plan is completed in 2013,” the Russian firm said.

Badra is reckoned to hold 3 billion barrels of recoverable resources.

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Schlumberger already has a three-year multi-well contract from Gazprom at the Badra field. A total of 11 wells are to be drilled over the three-year period, including one exploratory and three appraisal wells, which will later be converted into operating well stock. Halliburton will take the reins from Schlumberger once the drilling progam is complete.

The field, which has estimated reserves of 100 million barrels of oil, is being developed by Gazprom (30%), Korea’s KOGAS (22.5%), Malaysia’s Petronas (15%), Turkey’s TPAO (7.5%), and Iraq (25%).