Gazprom Neft, the oil arm of Russian gas export monopoly Gazprom, said it had acquired interests in two blocks in Iraq's Kurdistan region after similar moves by international rivals angered the central Iraqi government in Baghdad.
Gazprom Neft will take 40 percent of the Garmian block, putting it on a parity footing with Canadian operator Western Zagros, and 80 percent of the Shakal block. The regional government of the Kurdistan region will keep 20 percent in both.

Gazprom Neft estimated the blocks contained potential resources of about 3.6 billion barrels of oil equivalent.

It already has a project in Iraq, near the Iranian border, where it expects to produce about 15,000 barrels per day from 2013.

"Based on our positive experience in cooperation with the Republic of Iraq, where we are already participating in the development of Badra field, the company had decided to expand its presence in this country," Gazprom Neft First Deputy Chief Executive Vadim Yakovlev said in a statement.

"Carrying out these projects will allow Gazprom Neft to increase its input in Iraq's plans to boost oil production, to gain additional experience in this country and to expand its presence abroad," he added.











Source: Reuters