LUKOIL WAS SUCCESSFULLY PRE-QUALIFIED IN IRAQ
LUKOIL, represented byLUKOIL Overseas , a fully owned subsidiary, was pre-qualified for
taking part in the coming Licensing Round for planned oil and gas fields of
Iraq .
The Petroleum Contracts and Licensing Directorate of the Iraqi Ministry of
Oil announced pre-qualification. Applications were submitted in January-February
this year. 35 companies out of 120 were pre-qualified, incorporating the leaders
of the world oil and gas business, including LUKOIL.
The pre-qualification was based on five main criteria - availability of
required technologies, financial resources, legal terms and conditions, staff
training and HSE. Pre-qualified companies following a receipt of an appropriate
document (Letter of Invitation) will be able to participate in the coming
Licensing Round for oil and gas fields, which, as expected, will be announced in
the second quarter of this year.
In March 1997, LUKOIL signed an agreement with the Iraqi Ministry of Oil for
development of West Qurna-
2 in the south of
Iraq
with proven reserves of 6
billion barrels of oil and potential production of up to 1 million barrels of
oil per day. LUKOIL’s share is 68%. The company is planning to develop the field
in cooperation with ConocoPhillips, its strategic partner. In March 2004,
LUKOIL and the Iraqi Ministry of Oil signed a Memorandum of Understanding and
Cooperation, based on which a technical support for production divisions of the
ministry is provided and a large-scale personnel training program for the Iraqi
oil and gas industry is being implemented. More than 600 Iraqis have already
participated in the program.
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