UPDATE 2-India's Reliance to sign up for Iraqi oil assets

(Adds analyst quote, share price, byline)

By Hiral Vora

MUMBAI, Jan 8 (Reuters) - Reliance Industries Ltd, India's top exploration firm, will seek a role in developing oil assets in Iraq despite signing contracts with its largely autonomous Kurdish region, a move which angered Baghdad.

Reliance (RELI.BO), the world's fourth-largest oil refiner, will register with Iraqi authorities so it can compete for tenders, P.M.S. Prasad, president and CEO of the company's petroleum business, told reporters at an industry event.

"We will register in Iraq. We are keen to be there. We believe there will be some kind of reconciliation between northern Iraq and rest of Iraq," he said.

Iraq holds the world's third-largest reserves of crude oil with 115 billion barrels of proven supplies, only after Saudi Arabia and Iran.

Shares in Reliance, which had more than doubled in 2007, rose 1.2 percent to a record close of 3,050.50 rupees in a Mumbai market that ended 0.3 percent up.

"This is a hugely positive move for Reliance in terms of securing oil and gas assets abroad," said Rohit Nagraj, an oil sector analyst with Angel Broking Ltd.

Last week, Baghdad set a deadline of Jan. 31 for international oil firms to register with it for participation in tenders expected to be issued soon for oil exploration and service contracts in southern, central and northern Iraq. [ID:nCOL245226]