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Lukoil Pens Iranian Oil Exploration Deal

Lukoil Moscow
Lukoil Moscow

Russian oil giant Lukoil is offcially the first Federation energy company to sign a deal with Tehran. The Russian company will engage in two Iranian exploration projects in the southwest of the country. 

The director of the National Iranian Oil Company, Hormoz Qalavand told reporters last week the contract was worth about $6 million. He added, Lukoil has already started work on the projects, and that the Russian oil company has been working with Iran since the early 2000s. When sanctions were imposed, Russia and many other nations ceased their operations in the country. Then, according to sources inside Iran, Lukoil opened an office inside Iran in anticipation of the sanctions being lifted. Currently, Iran holds the fourth largest reserves of recoverable crude oil in the world. 

Now that Iran can begin selling oil and other commodities on the open market, international business concerns are headed to Tehran to do business. In earlier news, the NIOC signed a contract with Spain’s University of Barcelona to explore in the southern Hormozgan province, and Iran also concluded a contract with Italy’s University of Naples Federico II for geophysical exploration and collaborative geological survey in the western province of Kermanshah.