Lukoil signs Khouzestan exploration deal with Tehran

Lukoil has been awarded a licence to explore two potential oilfields in Iran’s Khouzestan province, a senior official at the National Iranian Oil Company (NIOC) announced last week. The Russian company will consequently be looking for hydrocarbon reserves in Dasht-e-Abadan and the northern section of the Persian Gulf, NIOC’s Director of Exploration Affairs Hormoz Qalavand confirmed. The  value of the initial contract was about $6m and work had already begun, he added. 
This is not Lukoil’s first foray into the Iranian market. In 2003 it  jointly won a deal with Norway’s Statoil to launch  exploration operations in the western Anaran block which led to the discovery of oil in Azar and Changuleh fields in 2005, but  both companies  had to pull out in 2011 after the US and Europe ramped up sanctions. In December 2015, Lukoil’s President Vagit Alekperov confirmed that he had discussed the possibility of the company returning to Iran to develop the Azar oil field, and the company has reopened its office in Tehran.

Source: TREND