Iran inks oil deal with Russia's Tatneft

TEHRAN, Oct. 08 (MNA) – Following two earlier contracts with two Russian oil companies, Iran has signed a memorandum of cooperation in oil and gas industry with a third Russian firm.

Given the newly-signed agreement, the number of Russian companies active in Iran’s oil and gas industries has reached a total of three. Previous deals were sealed with Zarubezhnefta and Lukoil companies while the third one Tatneft, a Russian vertically integrated oil and gas company with headquarters in the city of Almetyevsk in the Republic of Tatarstan.

Following comprehensive negotiations with Lukoil over development of joint oilfields in western Iran and the signing of a confidentiality agreement with the Russian firm, the National Iranian Oil Company (NIOC) has inked an MoU with Tatneft of Russia.

Accordingly, on Saturday morning, NIOC Managing Director Ali Kardor and CEO of Tatneft Nail Ulfatovich Maganov signed the deal to conduct developmental studies in Dehloran oil field.

The agreement marks the first contract signed between NIOC and the Russian firm and it mainly deals with increasing recovery factor of the Iranian field.

Created in 1950 by the merger of several local oil companies and related industries, Tatneft is the sixth largest oil company in Russia active in gas and oil exploration and production.

The Russian company, which was Iran’s partner before the time of sanctions, halted its activities in Iran’s oil and gas industries once illegal sanctions were imposed.

Dehloran field is located 120 km away from west of Dezful and its development (project) includes work over of wells, drilling of new wells, gathering and transferring lines construction of production unit, new desalination and construction of residential camp.

Recently, NIOC has also sealed a confidentiality agreement with Zarubezhnefta Company to develop on Iranian oil company in the post-JCPOA era.


News Code 120363


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