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Russia’s Lukoil signs oil prospecting deal in Iran — Press TV

January 25, 2016, 1:56 UTC+3 TEHERAN
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TEHERAN, January 24. /TASS/. Russia’s oil major Lukoil has signed a contract on two exploration projects in Iran’s southern provinces, Iran’s Press TV said on Sunday citing Hormoz Qalavand, the director for exploration affairs of the National Iranian Oil Company (NIOC).

"Iran says it has signed a deal with Russia’s Lukoil over two exploration projects in the country’s southwestern oil-rich Khouzestan province," Press TV said.

According to Qalavand, Lukoil will prospect for hydrocarbon reserves in Dasht-e Abadan in Khouzestab and in the northern parts of the Persian Gulf. He said the project cost was estimated at about six million U.S. dollars. The Russian company, in his words, had already started works on the projects.

Lukoil has an experience of work on the Iranian market. In 2003, it entered in a consortium with Norway’s Norsk Hydro, 25 and 75% respectively, on a prospecting project at the Anaran block. In 2011, Lukoil quitted the project after economic sanctions had been imposed on Iran.

In April 2015, Lukoil resumed operation of its office in Iran.

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