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Alekperov: “Lukoil” is going to invest in Iran in the coming year

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Alekperov: “Lukoil” is going to invest in Iran in the coming year

Alekperov: “Lukoil” is going to invest in Iran in the coming year
October 07
15:00 2016

Vagit Alekperov, president and co-owner of the oil company “Lukoil”, expressed the hope that in 2017 the company would begin to invest in Iran. He also noted that it would take at least 2-3 years to get the real product. In an interview with the TV channel “Russia-24” Alekperov said: “Today Iran needs huge investments in order to carry out the rehabilitation of existing fields, raise their production as well as engage new projects … We hope that the laws on the Iranian territory will be approved in October and next year we will be able to actively proceed with the contracts on the investment activity on the territory of Iran.” In addition, the head of “Lukoil” noticed that the oil company would begin to realize their plans after certain laws were adopted. “So, we need at least 2-3 years more in order to get the real production … and 5-7 years for the exploration work”, – said Alekperov.

Alekperov noted that the oil company Lukoil was going to sign an agreement on the Ab Teymour and Mansouri oil fields in Iran in the fall of the next year. Among other things, Iran and “Lukoil” are discussing the company’s proposal on the development of the Anaran field. In December last year the company offered Iran the projects to explore the largest fields in the Persian Gulf and the Anaran block. Previously, the geological exploration of “Lukoil” in cooperation with Statoil was being carried out. Oil fields of Azar and Shangule were found according to the results of this investigation. Both companies had talks with the Iranian leadership about the possibility of the deposits development. But the agreement wasn’t concluded as “Lukoil” left the Anaran project in 2007 because of the sanctions imposed on Iran. After 6 years Tehran paid $60 million to the oil company as the compensation for the costs of the project Anaran.

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