Lukoil to sign Iran oil deals 'within months'

EghtesadOnline: Russia’s energy giant Lukoil says it expects to sign oil project development contracts with Iran within the next few months.

News ID: ۷۴۱۹۰۱

03 June 2017

Lukoil President Vagit Alekperov was quoted by the Russian media that contracts with Iran could be signed in October and November.

“Maybe this will not be a law, but rather an accepted contract, which will economically stimulate us to make investments,” Alekperov was quoted as telling reporters on the sidelines of St. Petersburg International Forum in Russia.

According to PressTV, he further added that the company was constantly in talks with Iran over oil sector projects.

Lukoil chief had in September announced that his company was considering the development of Iran’s Mansouri and Ab Teymour oil fields – both located in the southwestern oil-rich Khuzestan province.

The official added that Lukoil was also studying an NIOC project in the Persian Gulf. Nevertheless, he emphasized that Mansouri and Ab Teymour were Lukoil’s priority projects.

On a related front, Iran announced in January 2016 that Lukoil had won two exploration projects in Khouzestan with a price tag of $6 million.

The Russian company and Norway's Statoil had won a deal to launch exploration operations in Anaran block in western Iran in 2003. Lukoil held a stake of 25 percent in the consortium and the remaining stakes belonged to Statoil.

Their operations led to the discovery of oil in Azar and Changuleh fields in 2005. However, both had to pull out of Iran in 2011 after the US and Europeans intensified sanctions on Iran.

Iran’s media quoted a top Lukoil official as saying in December 2015 that the company was again considering the development of Azar oil field.