Russia’s Lukoil, Iran’s NIOC sign memoranda on geological prospecting

Sputnik – An oil industry source said that Lukoil and the National Iranian Oil Company have signed two memoranda of understanding in the field of geological prospecting.

MOSCOW (Sputnik) —  Russia’s Lukoil and the National Iranian Oil Company (NIOC) have signed two memoranda of understanding in the field of geological prospecting, an oil industry source told Sputnik on Tuesday.

“At the beginning of the visit of Iranian Oil Minister Bijan Zangane to Russia, a Memorandum of Understanding was signed between the National Iranian Oil Company (NIOC) and Lukoil,” the source said, without disclosing details of the agreement.

The source also noted that the second memorandum was signed between Lukoil and KEPCO (Khazar Exploration and Production Company), which is a part of NIOC.

According to the source, the documents have been signed following several months of negotiations on conducting geological exploration in the southern part of the Caspian Sea region.