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Russian energy group Gazprom is determined to expand its presence in the Middle East as the company has said it is in exclusive talks to buy liquefied natural gas from oil fields off Israels coast on the same day its oil arm announced it has obtained an 80 percent stake in the Kurdish region of Iraq.
Russias Gazprom Neft, the oil arm of gas giant Gazprom, has acquired an 80 percent stake in the Halabja block of northern Iraq, the companys deputy CEO Vadim Yakovlev said Feb. 26.
Gazprom Neft has already been conducting business with the central Iraqi government, operating in the Badra field. Baghdad considers deals with the Kurdistan Regional Government illegal but the company does not expect its Kurdish expansion to negatively affect its relations with the central government.
Under the deal with the KRG, which holds the other 20 percent of the field, Gazprom Neft will operate the Halabja project, which envisages a seven-year exploration phase after which the license could be extended for a 25-year production period, Yakovlev said.
The Halabja deal is Gazprom Nefts third production-sharing agreement in Kurdistan.
Although the Russian company was warned by Baghdad in January to choose between selling its Badra stake or relinquishing the Kurdish deals, the company executive said they expected support from Baghdad, during his statements on Feb. 26.
Russias Gazprom Neft, the oil arm of gas giant Gazprom, has acquired an 80 percent stake in the Halabja block of northern Iraq, the companys deputy CEO Vadim Yakovlev said Feb. 26.
Gazprom Neft has already been conducting business with the central Iraqi government, operating in the Badra field. Baghdad considers deals with the Kurdistan Regional Government illegal but the company does not expect its Kurdish expansion to negatively affect its relations with the central government.
Under the deal with the KRG, which holds the other 20 percent of the field, Gazprom Neft will operate the Halabja project, which envisages a seven-year exploration phase after which the license could be extended for a 25-year production period, Yakovlev said.
The Halabja deal is Gazprom Nefts third production-sharing agreement in Kurdistan.
Although the Russian company was warned by Baghdad in January to choose between selling its Badra stake or relinquishing the Kurdish deals, the company executive said they expected support from Baghdad, during his statements on Feb. 26.
