Russia's Lukoil hopes to secure deal on two Iranian oilfields in April

EghtesadOnline: Russia's No. 2 oil producer Lukoil hopes to reach a deal to develop two oilfields in Iran in April, Reuters reported.

News ID: ۷۴۰۰۷۱

28 February 2017

Lukoil said last month that it was in talks with the National Iranian Oil Company (NIOC) on taking part in the development of the Aghtimur and Mansuri fields in central-western Iran. It said it would start talks on contractual terms if Iran agrees to the development plans Lukoil has already submitted, according to ISNA.

"A large number of our experts have been working in Iran. Once the new oil law in Iran is in place - it has not been completed yet - we, with the current pace of work, will be able to be ready for signing the deal in April," Lukoil’s chief executive Vagit Alekperov told Reuters.

Iran, the third-largest oil producer within the Organization of the Petroleum Exporting Countries, has been seeking to boost oil output and attract foreign investment since the lifting of international sanctions last year.

Its new oil and gas contract model, the Iran Petroleum Contract (IPC), is part of an effort to offer sweeter terms on oil development projects.

Last month Iran named 29 companies - including Lukoil - from more than a dozen countries that will be allowed to bid for oil and gas projects using the IPC model.

Alekperov said preliminary calculations indicated the deals should be feasible and Lukoil wanted to develop the oilfields without partners.