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Lukoil to back oil production cut if OPEC and Russia decide on reduction

November 29, 2016, 18:00 UTC+3
If OPEK and Russia make the decision to reduce volumes of production on the territory of Russia, Lukoil will supports it, the company's president said
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© Ruslan Shamukov/TASS

VIENNA, November 29. /TASS/. Lukoil will support the oil production cut, if OPEC and Russia make a decision on reduction, the company’s President Vagit Alekperov told reporters.

"I have just come from the meeting with the Iraqi Minister. If they make a decision (OPEC and Russia - TASS) to reduce volumes of production on the territory of Russia we will support it," he said. 

The OPEC member-states are expected to reach the oil production limiting agreement tomorrow, Alekperov assumes:

"I believe a collective opinion will be reached nevertheless because production volumes still require regulation."

During an informal meeting at the 15th International Energy Forum in Algeria on September 28, the OPEC member-countries reached an agreement on limiting oil production to 32.5-33.0 million barrels per day. The parties have not agreed on specific limits for every country yet. The final decision on the agreement is to be approved at the official meeting of OPEC in Vienna on November 30.

Lukoil in Iran

Lukoil's president said that the company is satisfied worth an opportunity of working under contract on terms of buyback (return of investments - TASS) in Iran.

"We are working, so far there is no contact. There is only a concept. Yes, we are working under buyback in Iraq. It depends on conditions," he said, responding to the question of whether the company is happy with the same variant of work in Iran.

Earlier Alekperov said that in October-November 2017 Lukoil may sign contracts with Iran on two fields Al-Mansuri and Ab-Teymur. He said that recoverable reserves of each of these fields exceed 1 mln tonnes.

Iran has already signed three memoranda of understanding with Russian oil companies Lukoil, Tatneft and Zarubezhneft.

Earlier a representative of the management of the National Iranian Oil Company (NIOC) Gholamreza Manouchehri said that the Russian companies are potential investors in oil and gas projects in Iran.

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