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Russia’s Lukoil to Sign MoU with Iran

Source: www.gulfoilandgas.com 9/20/2015, Location: Asia

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Russia’s energy giant Lukoil is set to sign an MoU for boosting oil recovery, oil exploration and extraction with Iran, an Iranian deputy petroleum minister says.

Cooperation was discussed between Minister of Petroleum Bijan Namdar Zangeneh and Lukoil Chief Executive Vagit Alekperov in the wake of a new opening following the July conclusion of nuclear talks.

“The Russian company has announced readiness for participation in enhanced oil recovery (EOR) and improved oil recovery (IOR) plans of Iranian oil fields,” Deputy Petroleum Minister Amir-Hossein Zamaninia said.

“Lukoil chief executive also called for purchases of crude oil and oil products from Iran which was welcomed,” he added.

Lukoil and the National Iranian Oil Company (NIOC) officials have held negotiations about Russia’s second largest energy company’s resumption of a project to develop the Azar field in Iran’s Anaran block.

The Russian company and Norway’s Statoil started developing the Anaran oil field in 2003 but pulled out in 2011 after the US and Europeans intensified sanctions on Iran.

Lukoil reopened its office in Tehran in April, with Alekperov saying his energy group would return to Iran as soon as the sanctions were lifted.

Officials have said the Anaran project would be Lukoil’s primary focus but the company was studying geological data from other projects as well.

Iran shares Azar with Iraq which calls it Badra. Russia’s Gazprom Neft operates the field and currently produces around 28,000 barrels per day from the field.

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