Russia’s Lukoil says ready to employ 15,000 workers in Iraqi oilfields

BAGHDAD / IraqiNews.com: Russia’s giant oil Lukoil chief said his firm is interested in Iraqi oilfields and ready to employ 15,000 workers there, noting the company is preparing to participate in the 2nd oil licenses round over al-Qarna al-Gharbiya 2 field. “Lukoil, which is currently working in 42 countries, is getting ready to work in Iraq and employ 15,000 workers there,” said the firm’s CEO Vagit Alekperov said during a lecture he delivered at a Russian government university on Saturday. Lukoil is Russia’s largest oil company and its largest producer of oil. In 2007, the company produced 96.645 million tons of oil; 1.953 million barrels per day. Its international upstream subsidiary is called Lukoil Overseas Holding. Headquartered in Moscow, Lukoil is the second largest public company (next to ExxonMobil) in terms of proven oil and gas reserves. In 2008, the company had 19.3 billion barrels of oil equaivalent per SPE standards. This accounts to some 1.3% of global oil reserves. In March 1997, Lukoil signed a 23-year-term contract with the government of the former regime to invest al-Qarna al-Gharbiya 2 oilfield in partnership with two other Russian companies but the Iraqi government has unilaterally rescinded the contract in 2002 “under the pretext of violations of the terms and conditions of the contract,” according to Alekperov. AmR (S)/SR 1