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Gazprom has commenced drilling at the Badra field

November 28/2011

(Arabian oil and gas) -- Russian state-backed gas giant Gazprom has commenced drilling at the Badra field and will complete exploratory drilling by April 2012, according to a Dow Jones Newswires report. The company, which holds the worlds largest natural gas reserves, won the contract at the three billion barrel Badra field in 2009, and awarded the contract for exploratory drilling to Schlumberger.

The first appraisal well reached 4,900 metres on 24 November. After the initial exploration programme a deep appraisal well is planned to be spudded in June 2012, which will reach 6,200 metres.

Gazprom Neft's share, as lead operator on this project, is 30 per cent, Kogas' share is 22.5 per cent, Petronas' share is 15 per cent and 's share is 7.5 per cent. The Iraqi Government, represented by the Iraqi Oil Exploration Company (OEC) retains 25 per cent.

Gazprom is slated to spend $2 billion developing the field to its expected capacity of 170,000 barrels per day.

Perspectives of development of the polymers markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit is organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

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