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Lukoil signs Iran exploration deal

Lukoil signs Iran exploration deal

Oct 05, 2017
2 min read
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Russian oil company Lukoil said it signed preliminary agreements with National Iranian Oil Company (NIOC) state oil firm to carry out exploration studies through its subsidiary in Iran.

LUKOIL Engineering and NIOC will set up exchange of data necessary to study the areas of the Persian Gulf, the Abadan plateau and the South Caspian basin and establish a joint working group, Russia’s second largest oil company said in a statement.

Lukoil signed agreements in the presence of Lukoil Managing Director Vagit Alekperov and Iranian Minister of Petroleum Bijan Zangeneh who was attending the 19th Ministerial Meeting of members of the Gas Exporting Countries Forum in Moscow on Wednesday.

Lukoil has also been in talks with NIOC on taking part in the development of Abteymour and Mansouri fields in central-western Iran. Tehran has said it expects to sign deals in the next five to six months with Russian firms, such as Lukoil, on developing Iranian oil and gas resources.

The Moscow-based company reopened its Tehran office in April last year and has been seeking development rights of Iran’s Azar Oilfield following the Islamic Republic’s nuclear deal with world powers in early 2016 that lifted most trade sanctions against it.

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