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Gazprom Neft, OMV and Iranian NIOC to study oil fields in Iran

Gazprom Neft is currently involved in four projects in the Middle East

ST.PETERSBURG, June 2. /TASS/. Russia’s Gazprom Neft together with Austrian OMV and Iranian NIOC will study oil fields in Iran, the Russian company said in a press release.

Gazprom Neft and OMV signed the relevant memorandum of understanding at the St. Petersburg International Economic Forum.

The document, in particular, fixes the interest of Gazprom Neft and OMV in joint work on the territory of Iran. The area of possible cooperation includes preliminary analysis, assessment and study of oil fields located on the territory of Iran in cooperation with the National Iranian Oil Company (NIOC).

"The company is already implementing a large project to develop the Badra field in Iraq, it is engaged in geological exploration in the Kurdish Autonomous Region of that country and is studying the possibility of participating in the development of two blocks in Iran. Taking into account the extensive experience of OMV activities in the Middle East and, in particular, in Iran, I am sure that joint geological assessment of assets will be most effective," first deputy general director of Gazprom Neft, Vadim Yakovlev said as quoted by the press service.

In the Middle East, Gazprom Neft is currently involved in four projects. The largest is the development of the Badra field in the province of Wasit in eastern Iraq. According to preliminary estimates, Badra's geological reserves amount to 3 billion barrels of oil. Commercial extraction of raw materials began there in August 2014. Three more assets of the company are located in the Kurdish region of Iraq: Gazprom Neft Middle East is the operator in the blocks of Halabja, Shakal and Garmian.