Lukoil to Sign 2 Iran Oilfield Deals in 2017

Lukoil to Sign 2 Iran Oilfield Deals in 2017
Lukoil to Sign 2 Iran Oilfield Deals in 2017

Russia's Lukoil plans to sign two oilfield agreements with Iran, namely Ab Teymour and Mansouri, in the fall of 2017, the company's managing director said on Friday.

Vagit Alekperov told Sputnik earlier that technical studies over the two oilfields in oil-rich Khuzestan Province would be presented to the National Iranian Oil Company in the near future.

NIOC and Pertamina have also signed a nondisclosure agreement in August that allows the state-owned Indonesian oil firm to conduct studies on Ab-Teymour and Mansouri oilfields, Shana reported.

Under the agreement, Pertamina has six months to survey the two Iranian onshore oilfields.

"We hope that legislation will be approved before the end of the year, somewhere in October.  We will present the basic principles in October-November and will be ready to discuss a specific contract by May. The contract is expected to be signed in October-November of next year," Alekperov noted on the sidelines of Sochi International Investment Forum 2016.

According to Mehr News Agency, Alekperov discussed the development of the two oilfields in meetings with Oil Minister Bijan Namdar Zanganeh and NIOC Managing Director Ali Kardor during a one-day visit to Tehran last week.

Lukoil reopened its Tehran office in April last year and has been reportedly pushing for development rights of Iran’s Azar Oilfield following the country’s watershed nuclear deal with six world powers in July and its ensuing implementation in January.