Russia’s Lukoil considering deal to develop two oil fields in Iran
Lukoil stands to become the first foreign company to work on an oil project in Iran since sanctions against the country were lifted. The exploration projects on the fields, both located in oil-rich Khuzestan, began with a January contract worth approximately $6 million.
Lukoil CEO Vagit Alekperov recently met with Iran Petroleum Minister Bijan Zangeneh, and while the company is considering another NIOC project in the Persian Gulf, it is putting a priority on the Mansouri and Ab Teymor fields.
Lukoil was previously engaged in oil projects in Iran, winning a contract for exploration operations in the Anaran block in 2003. The contract was held in cooperation with Norway’s Statoil, which had a 75 percent stake in the deal. The companies’ exploration efforts led to discoveries in the Azar and Changuleh fields in 2005, but both companies abandoned their Iranian operations in light of intensified sanctions brought against Iran by the United States and European nations.