Russian supermajor LUKoil will likely be given preferential considerations when its exploration and production contract for the West-Qurna-2 field comes up for review later this year, Ali Hussein Balo, chairman of the oil and gas committee of the Iraqi parliament, has announced.

In an interview with RIA Novosti, the adviser said that the Iraqi authorities were keen to extend the duration of the contract as the country looks to reverse the damage done to the industry by years of underinvestment.

Total investment in the project could reach as high as $4 billion, with output projections in the region of 4.8 billion barrels of oil and 56.4 billion cubic metres of natural gas.

LUKoil will be competing with the likes of Total and Chevron for the contract, although the fact that the Russian giant wiped off the $12 billion debt owed to it by Iraq is likely to make it difficult for competing firms.

The provision of training and development programmes for Iraqi workers have also been a strong conditional factor in the recent rounds of bidding for new exploration contracts in the country.

Global Education and Training event: Getenergy for Iraq