Russia’s energy giant Gazprom will bid for Iraqi oil and gas fields in a consortium with Turkey’s state-run oil company, a Russian business daily said, citing the Turkish Energy Minister.

Iraq will sell 14 blocks with total reserves of 41 billion barrels of oil and some 740 billion cubic meters of natural gas as 10 lots in December. Turkish Petroleum Corporation (TPAO) will compete for six lots, and will form a consortium with Gazprom to bid for the other four lots, Vedomosti quoted Taner Yildiz as saying.

Up to 45 companies will be invited to bid, including Russia’s state-run crude producer Rosneft, the country’s largest independent oil producer LUKoil and Gazprom’s oil arm, Gazprom Neft.

According to the paper, Iraq is planning to earn $1.2 billion from onetime payments ($100 mln-$150 mln as bonus for each lot) and will retain a 25 percent stake in each project.

Meetings with bidders will be held on October 18-19, with bidding terms to be announced in early November, Vedomosti said.

The paper has not yet received any comment from either Gazprom or Gazprom Neft.

In June, the Turkish company unsuccessfully bid for 10 Iraqi fields with reserves exceeding 47 billion barrels of oil equivalent.

(MENAFN – Aswat Al-Iraq)