Russian Energy Minister Sergey Shmatko will travel to Iraq in August to discuss oil contracts signed under Saddam Hussein's leadership, the Interfax news agency reported Friday.
Russia's second biggest oil producer OAO Lukoil (LKOH.RS), is hoping to revive a deal to develop the huge West Qurna-2 field under Saddam Hussein's rule. The deal was canceled in 2002.
In June, Iraq held its first round of bidding for international oil companies, or IOCs, to develop six oil fields and two gas fields.
More than 30 companies participated but only BP PLC (BP) and China National Petroleum Corp., or CNPC, secured one contract after agreeing to decrease their asking price to the government's desired $2 a barrel while other IOCs walked out.
Iraq's oil ministry is set to hold a meeting in August to brief international oil companies on Iraq's second licensing round for 10 oil fields and one gas field, including the super-giant West Qurna phase 2, Majnoon and East Baghdad.