Sector News

Russia’s Lukoil eyeing up Iran oil fields under rule change

February 28, 2017

Russia’s second top oil producer Lukoil hopes to reach a deal to develop two oilfields in Iran in April, the firm’s chief executive has claimed.

Lukoil said last month that it was in talks with the National Iranian Oil Company (NIOC) on taking part in development of the Abe Timur and Mansuri fields in central-western Iran.

It said it would start talks on contractual terms if Iran agrees to the development plans Lukoil has already submitted.

Lukoil CEO Vagit Alekperov said: “A large number of our experts have been working in Iran. Once the (new) oil law in Iran is in place – it has not been completed yet – we, with the current pace of work, will be able to be ready for signing the deal in April.

Iran, the third-largest oil producer within the Organization of the Petroleum Exporting Countries, has been seeking to boost oil output and attract foreign investment since the lifting of international sanctions last year.

Its new oil and gas contract model, the Iran Petroleum Contract (IPC), is part of an effort to offer better terms on oil development projects.

Last month Iran named 29 companies – including Lukoil – from more than a dozen countries that will be allowed to bid for oil and gas projects using the IPC model.

Some analysts claim the IPC won’t be attractive enough to draw billions of dollars in foreign direct investment at a time of low global oil prices.

This is exacerbated by new contracts being offered by Iraq, which have enabled Iran’s neighbour to boost its output.

However, Alekperov said preliminary calculations indicated the deals should be feasible and Lukoil wanted to develop the oilfields without partners.

By Alan Shields

Source: Energy Voice

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