Russia’s Lukoil to develop oil fields in Iran

Russian says its biggest private oil firm Lukoil is considering participating in the development of two oil fields in Iran – a move that would make Russia that first European country to invest in Iran’s oil industry after the removal of the sanctions in January. 

Russia’s Ambassador to Iran Levan Dzhagaryan was quoted by the media as saying that the two fields that Lukoil plans to invest are located in Ahvaz in Iran’s southwestern province of Khouzestan.

"If we are to speak of specific projects, the possibility is now being considered for the Russian company (Lukoil) to take part in the development of two fields near the city of Ahvaz," Dzhagaryan told Russia’s news agency RIA Novosti.

The envoy did not specific which projects the Russian company – which is the country’s second largest energy giant – had targeted exactly. Nevertheless, chances are high that they are among the projects with promising prospects of development given that Khouzestan – the heartland of Iran’s oil industry – has rich underground resources of crude oil and natural gas.

Dzhagaryan also emphasized that Russia's leading energy giant Gazprom and its oil industry offshoot - Gazprom Neft – are working on several basic agreements on the development of Iran’s oil and gas projects.

"Memorandums between Gazprom and the National Iranian Oil Company, as well as between Gazprom Neft and the National Iranian Oil Company on the development of oil and gas fields are at the stage of being agreed," Dzhagaryan told RIA Novosti, in a report that was also covered by Sputnik news agency.

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