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Gazprom neft completed well testing.

In Feb. 2014 Gazprom neft completed well testing in the Badra field, the company informed.

The tests yielded 10ths barrel of the crude in the average daily debit. It will permit to launch the commercial crude extraction in Badra. The drilling of the 3d well is under way still.

In Feb. a pipeline was laid up to Garraf in order to connect this sector with the main oil pipeline system in Iraq. The Badra field is appraised to cover 3bn barrel of the crude. The contract on the development of this field was signed in Jan. 2010 after the tender won by the consortium involving Gazprom neft, Kogas (Korea), Petronas (Malaysia), (Turkey).

Gazprom neft keeps 30%, Kogas - 22,5%, Petronas 0 15%, - 7.5%. The Iraq government holds 25% through Oil Exploration Company (OEC). Gazprom neft is an operator of the project.

Gazprom neft (TIN 5504036333) is ranked as the 5th oil producer by the crude output in Russia. The Company and its subs keep 61 licenses on the development of the oil fields. It has 4.5bn barrels in reserves. The major holder is Gazprom.

The 9-month 2013 net profit (RAS) declined 22% to 51.681bn rub. The revenues moved up 9% to 735.62bn rub.; gross profit - 20% to 118.209bn rub.; pretax profit climbed down 16.1% to 62.7bn rub.

The 9-month 2013 net profit as of the holders (IAS) increased 0.4% to 135.154bn rub. from 134.677bn rub.; tumbled (IAS) 18.2% to 39.567bn rub. The revenues declined 0.7% to 1.117tril rub. from 1.125tril rub.; EBITDA rose 2.6% to 236.28bn rub. from 230.333bn rub

"AK&M", 14.03.2014


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