Lukoil upbeat over Iran Petroleum Contract Conference

TEHRAN, Nov. 28 (Shana) – Russia’s second major oil and gas company Lukoil said it is going to take the opportunity of taking part in the Iran Petroleum Contracts (IPC) Conference in which new oil and gas contract models are unveiled.

“The event has been useful in introducing the new contacts,” Dmitry Timoshenko, the company’s vice-president of development for geological exploration and production, told Shana on the sidelines of the conference on Saturday.

“We are studying the contract model and will make our decision,” he said following a meeting earlier with Managing Director of the National Iranian Oil Company Rokneddin Javadi.

In September, Lukoil’s CEO Vagit Alekperov negotiated with Iranian Petroleum Minister Bijan Zangeneh and expressed the Russian firm’s readiness to enter into an initial agreement with Iran in the areas of enhanced oil recovery, exploration and crude oil extraction.
Lukoil’s cooperation with Iran was disrupted due to US-led sanctions against Tehran which forced the Russian oil major to abandon the Anaran oil project in 2011.

Lukoil and the NIOC officials have held negotiations about the Russian company’s resumption of the project to develop the Azar field located in Iran’s Anaran block.
The Russian company and Norway’s Statoil started developing the Anaran oil field in 2003 but had to pull out in 2011 after the US and Europeans intensified sanctions on Iran.

Iran shares Azar with neighboring Iraq which calls it Badra.

By SHANA