Wasit - The first of the 17 wells planned for the Badra oilfield in the province of Wasit has now been drilled. Production at this oilfield, estimated as having reserves amounting to 3 billion barrels, is expected to reach 60,000 barrels a day in 2013, to then rise to a peak of 170,000 barrels a day in 2016, maintaining these levels for the following seven years. Operations are led by a consortium formed by Russian-owned Gazprom Neft, which owns a 30% share, Korean-owned KOGAS (22.5%), the Malaysian Petronas (15%) and Turkish owned TPAO (7.5%). The remaining 25% is owned by the Iraqi Oil Exploration Company, owned by the Iraqi government. The project is expected to last for 20 years and is extendible for for a further fifteen. The estimated cost of this investment amounts to $2 billion, and according to the agreement, investors will be repaid for costs and receive $5.5 for every barrel of oil produced.