Russia's Lukoil ready to resume developing oil fields in Iran

Russia's Lukoil company is ready to sign a preliminary agreement with Iran for the enhancement of oil recovery and exploration, Iran's deputy Oil Minister Amir-Hossein Zamaninia said on Thursday.

"The Russian company announced readiness for participation in enhanced oil recovery (EOR) and improved oil recovery (IOR) plans of Iranian oil fields," Zamaninia was quoted as saying by Press TV.

The visiting Lukoil Chief Executive Vagit Alekperov announced his company's readiness in a meeting with Iran's Oil Minister Bijan Namdar Zangeneh.

"Alekperov also called for the purchase of crude oil and oil products from Iran which was welcomed," Zamaninia said.

Lukoil and the National Iranian Oil Company officials held negotiations about the company's resumption of the project to develop the Azar field in Iran's Anaran block in the west of the country, according to the report.

Lukoil and Norway's Statoil started developing Anaran oil field in 2003, but pulled out in 2011 following the United States and Europe's sanctions on Iran's energy sector over the country's controversial nuclear program.

Iran, as a member of the Organisation of the Petroleum Exporting Countries, exported nearly three million barrels per day (bpd) of crude oil before Western sanctions which have forced Iran to drop its exports to one million bpd since 2013.

Following the international talks in July, Iran agreed to limit its nuclear program in exchange for lifting of Western economic, financial and energy sanctions. The deal with six world powers paved way for foreign investments to improve Iran's aging oil industry.

Iran said that it would officially unveil new contracts for its oil sales at a conference in London in December. The oil ministry also said that Iran will rise oil exports by 500,000 bpd within two months and by one million bpd within seven months after the removal of sanctions. Endit