OREANDA-NEWS. April 22, 2008. LUKOIL, represented by LUKOIL Overseas, a fully owned subsidiary, was pre-qualified for taking part in the coming Licensing Round for planned oil and gas fields of Iraq, reported the press-centre of LUKOIL Overseas.

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.