29 Mar 2024
Monday 17 February 2014 - 10:55
Story Code : 84054

Russian Lukoil considers re-entry into Iranian oil

Russian Lukoil has announced its preparedness toreturnto Iran's Anaran oil project once the US-led sanctions against the Islamic Republic's energy sector are lifted.
Lukoil and NorwaysStatoilwere jointly prospecting for oil in Iran's Anaran block but were forced to abandon the project due to the US-led and EU sanctions against Iran.

Lukoil reportedly lost $63 million after it was forced towithdraw from the projectin March 2010.

"We are ready to implement the project [Anaran] on our own once the sanctions are lifted,"Russian mediaquoted Lukoil Chief Executive Vagit Alekperov as saying on Wednesday.

On 20 January, the Council of the European Union suspended part of the sanctions it had imposed against Iran following an interim, 6-month nuclear deal reached in November between Tehran and the P5+1 countriesthe US, the UK, Russia, China, France and Germany.

Under the November agreement with six major powers, Iranian authorities will see limited sanctions relief in exchange for steps to curb the countrys nuclear program.

The interim agreementgives Iran access to $4.2 billion of its oil revenues frozen abroad if it carries out its part of the deal, while parties continue negotiations for a final agreement within a year. The next round of talks is set to begin on 18 February.

Iran is planning to increase its oil production by an additional 1 million barrels per day (mb/d) in 2014, provided that negotiations result in the easing of oil export sanctions imposed in 2012 by the West.

Russian Ambassador Levan Dzhagaryan also called for stronger cooperation between Iran and Russia on gas exploration in the Caspian Sea, IransMehr news agencyreported.

Earlier this month, Iran agreed to make changes to legislation to enable Russian companies to get a stake in mineral extraction projects in Iran, according toRussian media reports.

By Oil Price

 

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