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Rosneft could seek partnership to bid in Iraqi oil tender

© Михаил Фомичев / Go to the photo bankRosneft could seek partnership to bid in Iraqi oil tender
Rosneft could seek partnership to bid in Iraqi oil tender - Sputnik International
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Rosneft is currently considering various alternatives for its participation in a second tender to develop Iraqi oil fields, the head of Russia's largest state-owned crude producer said Thursday.

ST. PETERSBURG, September 17 (RIA Novosti) - Rosneft is currently considering various alternatives for its participation in a second tender to develop Iraqi oil fields, the head of Russia's largest state-owned crude producer said Thursday.

"We are considering various options. For us, a partnership is preferable," Sergei Bogdanchikov told journalists in St. Petersburg, adding that the company has yet to make a final decision.

Earlier it was reported that Rosneft in April made it into the number of companies who can hope for contracts to develop oil and gas deposits in Iraq. Besides Rosneft, Lukoil and Gazprom Neft are also accredited to bid in Iraqi tenders.

LUKoil, Russia's largest independent crude producer, is seeking, in particular, to restore a 1997 contract for the development of the West Qurna-2 deposit in southern Iraq, which was frozen in 2002 after the fall of Saddam Hussein's regime.

West Qurna-2's proven recoverable reserves have been estimated at around 6 billion barrels of oil. Under the terms of the contract, output could amount to 4.8 billion barrels of oil and 56.4 billion cubic meters of associated gas. Investment in the project could reach $4 billion.

In June, Iraq held its first international tender for over 30 years to develop oil and gas deposits, with more than 30 companies taking part in it. Iraqi authorities hoped the tender would help the country increase oil production to 4 million barrels a day, but the terms on offer did not satisfy most participants.

Only Britain's BP and China's CNPC received 20-year contracts to develop the giant Rumaila field in Iraq's south. The second round of tenders will take place in November.

Iraq produces 2.5 million barrels of crude daily. The authorities hope that foreign companies' technical aid will increase the production by 1.5 million barrels a day by 2010.

Russian Energy Minister Sergei Shmatko has suggested that Russian energy companies could create a consortium to resolve issues hampering their work in Iraq.

 

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