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Russia’s Lukoil tendency to take part in developing Iran oilfields

Lukoil Chief Executive Vagit Alekperov said he would meet Iranian oil minister Bijan Namdar Zanganeh in Moscow on October 3.

Russia’s Lukoil tendency to take part in developing Iran oilfields
(Monday, October 16, 2017) 14:39

Tehran has said it expects to sign deals in the next five to six months with Russian firms, such as Lukoil, on developing Iranian oil and gas resources.

Lukoil has been in talks with the National Iranian Oil Company on taking part in the development of Ab-Teymour and Mansouri fields in central-western Iran.

“We are very close; we have some disagreements that are not crucial, regarding output volumes and the pace of coming to any given levels,” Alekperov said, adding he was confident the differences could be resolved.

Lukoil plans to keep pumping 100 million tons of oil per year between 2018 and 2027 with projects outside Russia, including potential investments in Iranian oilfields, to keep annual investment at $8-8.5 billion, the chief executive also said.

Lukoil, Russia’s No. 2 oil producer that has suffered from sluggish output from its Western Siberia fields, has kept production steady by focusing on growth in new regions, such as the Caspian Sea and Iraq. It is also looking at Iran and Mexico, Reuters reported.

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