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Gazprom Neft Middle East B.V.

Company

Gas industry
Middle East
Asia



Owners:
West Asia LLC

Content

Owners

+ Rosneft of the Tax Code

Gazprom Neft Middle East B.V. is a Gazprom group company engaged in oil exploration and production in the northern Iraq.

The company is incorporated in the Netherlands. Its business operations are located in the Kurdistan Region of Iraq (KRI), where it operates under a production sharing contract at the Garmian block of the Sarqala field.

Until February 2025, Gazprom Neft Middle East B.V. was a subsidiary of Gazprom Neft PJSC. In February 2025, as part of a restructuring of the Gazprom group’s overseas business, control over the company passed to another Gazprom PJSC subsidiary, Gazprom Middle East LLC, which owns 100% of West Asia LLC. West Asia LLC, in turn, owns the operators of Gazprom’s Iraqi projects, including Gazprom Neft Middle East B.V. and International Limited Liability Company Badra Petroleum (IC LLC Badra Petroleum).

Company history

2025: Exit from PJSC Gazprom Neft’s corporate structure

In February 2025, Gazprom Neft Middle East B.V. ceased to be a part of Gazprom Neft PJSC’s structure.

2016: Operator of the Garmian project

From 2012 to 2016, Gazprom Neft Middle East B.V. partner, WesternZagros Limited, was the operator of the Garmian project. Gazprom Neft Middle East has been operating the field since 2016.

2012

Production sharing contracts for the Shakal and Halabja blocks

In the same year, production sharing contracts were signed for the Shakal and Halabja blocks in the KRI, under which the company acted as the sole contractor and operator. Exploration did not confirm the existence of commercial hydrocarbon reserves at either site, and the production sharing contracts were subsequently terminated.

Production sharing contract for the Garmian block

In July 2012, the company entered into a production sharing contract for the Garmian block with the KRI government and WesternZagros Limited. The agreement shall remain effective until 2033, and may be further extended for a five-year period.

Company founded

Gazprom Neft Middle East B.V. was incorporated in the Netherlands in 2012 to develop projects in the Kurdistan Region of Iraq.

Ownership structure of Gazprom Neft Middle East B.V.

As of 2026, Gazprom Neft Middle East is owned by West Asia LLC, which was previously a part of Gazprom Neft PJSC’s structure.

The ownership changes took effect on February 24, 2025. As part of efforts to streamline management of overseas projects, Gazprom Middle East LLC became the sole owner of West Asia LLC, which was known as GPN–Middle Eastern Projects LLC until May 7, 2025. Gazprom Neft PJSC then ceased to be a part of Gazprom Neft Middle East B.V.’s ownership chain.

Gazprom Neft Middle East B.V. in the ownership structure of PJSC Gazprom. Source: SPARK

Operations in Iraq

Gazprom Neft Middle East B.V. produces oil in the Kurdistan Region of Iraq under a production sharing contract. The company holds a 40% interest in the project, while WesternZagros Limited holds another 40%, and the KRI government holds the remaining 20%.

Project financing is provided in equal shares of 50% by Gazprom Neft Middle East and WesternZagros Limited.

Under the contract, the parties are compensated in kind, with crude oil.

Crude oil sales arrangements

Until March 2023, the lifting rights and obligations of the parties were governed by a separate oil lifting agreement, under which:

  • the KRI government, acting through the Ministry of Natural Resources, purchased the contractors’ shares of production;
  • title passed to the KRI government when the crude was delivered into the Kirkuk–Ceyhan export pipeline, part of the Iraq–Turkey pipeline system connecting the Kurdistan Region with Turkey;
  • the purchase price was linked to international Brent benchmark quotations.

In March 2023, oil exports from the Kurdistan Region through the Iraq–Turkey pipeline were suspended. In accordance with a decision of the Iraqi authorities, crude oil exports could thereafter be conducted only through the federal system and the State Oil Marketing Organization (SOMO) of Iraq’s Ministry of Oil.

On February 2, 2025, amendments were made to Iraq’s 2023–2025 federal budget. They guaranteed international oil companies operating in the Kurdistan Region, including Gazprom Neft Middle East, compensation of $16 for each barrel delivered to SOMO. The same document also provided for the appointment of an independent auditor in order to assess international companies’ oil production and transportation costs. The text of the amendments was published in the official Iraqi government gazette, the Iraqi Gazette, and on the official informational website of the Patriotic Union of Kurdistan.

Field and infrastructure

Oil produced at the Garmian block of the Sarqala field has a relatively low density, at around 40° API, and a low sulfur content.

The field is considered geologically complex because it lies within the fold-and-thrust belt of the Zagros mountain system, where the subsurface structure has been heavily deformed by tectonic processes and cut by faults. Oil is present in several strata of different ages, and the reservoir rocks are carbonates with heterogeneous properties. As of 2026, the Garmian block infrastructure includes four producing wells. The oil is sent to a central processing facility, where oil, gas, and produced water are separated, and the oil is stabilized and prepared for onward transportation.

Associated (surplus) gas is produced alongside oil at the field. In the early stages of development, much of it was unused and was flared after separation at the oil processing facility. Since 2022, the gas has been supplied to a power plant located in the vicinity of the field, where it is used to generate electricity.

Social projects

During its operations in Iraq’s Kurdistan Region, Gazprom Neft Middle East B.V. has carried out numerous social projects in education, sport, healthcare, and infrastructure.

One area of the company’s social programmes has been the support for education. It funded a scholarship programme under which 19 students from Kurdistan received oil and gas engineering degrees from Saint Petersburg Mining University and Gubkin Russian State University of Oil and Gas. After completing their studies, a majority of the graduates took up engineering and administrative positions within the company.

In 2023, construction of two schools in the villages of Hasira and Mil Qasim was completed with significant input from Gazprom Neft Middle East B.V.

As part of sports development programmes in the Garmian region, three football pitches were built in the villages of Nassala, Hasira, and Mil Qasim. Gazprom Neft Middle East also supported sporting events and supplied local teams with football kits and equipment. In addition, boxing and tennis facilities were built, and two children’s playgrounds were installed in Hasira and Mil Qasim.

As part of healthcare development initiatives, two modern ambulances, dental equipment, ultrasound machines, and personal protective equipment sets were purchased for medical institutions in Kalar and Kifri. In addition, in 2020–2021, the company ran a mobile medical clinic programme for residents of villages nearby its production facilities. As part of environmental initiatives in the Garmian region, the company ran a large-scale tree-planting programme. More than 16,000 trees were planted to improve the ecologic condition of the local environment and public spaces.

The company also supported cultural and academic projects. In 2015, the book Land of Legends: Kurdish Culture In the Eyes of Russian Researchers was published with support from Gazprom Neft Middle East. This was followed in 2019 by the publication of Kurds: Legend of the East, an encyclopedia devoted to the history, culture, and traditions of the Kurdish people. The encyclopedia includes materials and illustrations from the collections of Russian and international museums, universities, and private collections.

Date of publication: March, 2026

Источник — «https://tadviser.com/index.php/Company:Gazprom_Neft_Middle_East_B.V.»

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