TEHRAN Sept. 19 (Shana) – Russia’s second major oil and gas company Lukoil is ready to enter into an initial agreement with Iran in the areas of enhanced oil recovery, exploration and crude oil extraction, Iranian deputy petroleum minister for international affairs and commerce said.
The Russian giant’s CEO Vagit Alekperov met Petroleum Minister Bijan Zangeneh on Wednesday during which he said Lukoil is ready for bilateral cooperation in Enhanced Oil Recovery (EOR), and Improved Oil Recovery (IOR) with Iran, Amir-Hossein Zamani-Nia told Shana.
The two sides discussed cooperation in exploration projects and Alekperov suggested buying crude oil from Iran which was welcomed, he said.
Zangeneh reiterated to the Russian firm that in the new political atmosphere following the nuclear agreement, Iran will encounter any corruption activity.
“The Ministry of Petroleum will not delay any opportunity to negotiate with major international companies,” the minister was quoted saying.
Lukoil’s cooperation with Iran was disrupted due to US-led sanctions against Tehran which forced the Russian oil major to abandon the Anaran oil project in 2011.
The Russian company and Norway's Statoil started developing the Anaran oil field in 2003 but had to pull out in 2011 after the US and Europeans intensified sanctions on Iran.
Lukoil and the National Iranian Oil Company (NIOC) officials have held negotiations about the Russian company’s resumption of the project to develop the Azar field located in Iran’s Anaran block.
Iran shares Azar with neighboring Iraq which calls it Badra.