Iraqi Oil Delivered to Russia’s state-owned oil giant
Gazprom Neft (ticker: GZPFY), the oil arm of Russia’s state-owned Gazprom (ticker: OGZPY), announced today that it has received the first shipment of Kirkuk grade oil from the Iraqi government. The crude oil was given to Gazprom Neft as compensation for the company’s investment in the field’s development, according to the company release.
The first batch of oil from Iraq’s State Oil Marketing Company (SOMO) was 500 MBO, which the company plans to sell to a large unnamed Asian company.
Commercial oil shipments from Badra began in August 2014. By the end of November 2014, the field was producing at a stable rate of 15 MBOPD, allowing investors to start receiving compensation for the costs incurred by developing infrastructure in the field. Oil from Badra will be delivered on a quarterly basis to members of the consortium invested in the field. Each member is responsible for selling its own share of the oil independently.
Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. The company or companies covered in this note did not review the note prior to publication. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.