NIOC, Lukoil to sign oil deal

News ID: 3774910 -
TEHRAN, Sep. 21 (MNA) – Russia’s Lukoil and National Iranian Oil Company (NIOC) have begun new round of talks to finalize agreement over development of two oil fields.

Lukoil Chief Executive Officer Vagit Alekperov, during a one-day visit to Tehran, met and talked with Iran’s Oil Minister Bijan Zanganeh and NIOC Managing Director Ali Kardor over development of Mansouri and Ab Teimour oilfields located in the southwestern oil-rich Khuzestan province.

During a joint meeting with the visiting Russian official, Iran’s Kardor described held negotiations with the Russian firm saying “a confidentiality agreement for technical studies over the two Iranian oilfields had been previously signed between NIOC and Lukoil.

The official urged Lukoil to present Iran with the findings of its studies over two oil fields in the near future asserting “despite countless opportunities present in Iran’s oil industry, the two sides have not held serious cooperation so far while the present confidentiality deal could lead to expansion of bilateral ties.”

Kardor said Russians are awaiting the finalization of Iran’s new model for oil agreements entitles Iran Petroleum Contract (IPC).

After meeting Iran’s Oil Minister Bijan Zangeneh, Russia’s Alekperov told reporters that Lukoil experts will soon travel to Khuzestan for a further study of the fields.

CEO of Russia's second-biggest oil producer Lukoil emphasized that Mansouri and Ab Teimour are presently Lukoil’s priority since vastness of Iranian oil deal makes it impossible for one firm to undertake development of all fields.

Following the lifting of international sanctions against Iran, Lukoil reopened its office in Tehran for having deep willingness to take part in Iranian oil projects.

Headquartered in Moscow, Lukoil was formed in 1991 when three state-run, western Siberian companies merged and is now one of the largest producer of oil.

Having housed over 3.3 Bln bbls of oil in place with a 45% recovery rate, Mansouri oilfield is located 100 km off north of the Persian Gulf and 70 km off south east of Ahvaz. This oilfield is composed of 3 Asmari, Bangestan and Khami layers, the first of which tops the other layers of the reservoir. Production from Asmari layer of this reservoir started in 1974 and by March 2004, this field used to produce 60,000 bpd of oil. The sustainable production of 100,000 bpd from this oilfield was realized in developing its phase I in Aug. 2007 and is still ongoing.

Meanwhile. Ab Teimour Oil Field is located 25 kilometers away from Ahvaz between Mansouri and Ahvaz oil fields and is estimated to hold 15 billion barrels of oil in place.

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