Russian firm ready to develop Iranian gas field
Another Russian company Lukoil suffered a $63 million loss when it withdrew from a project in the Aran oilfield
Zarubezhneftegaz Company of Russia has announced readiness to develop a newly discovered gas field in Iran.
The Russian company had signed an MOU with Iran in 2010, the Pana News Agency reported.
The gas field is located near the South Pars gas field in the Persian Gulf.
The company will soon open an office in Tehran, an official with Zarubezhneftegaz said, adding that it is ready to carry out exploration, drilling, extraction, and refining operations in Iran’s oil and gas industry.
In November 2009 Russian Gazprom and National Iranian Oil Company (NIOC), signed a memorandum of understanding, to cooperate on the development of the Azar and Changuleh oil fields, with estimated reserves of 2 billion barrels.
However, in August 2011 Iran changed its mind and rebuffed Russian participation after deciding to operate the fields using a local consortiums. Iran said Russia had failed to meet its obligations and was therefore breaking the agreement.
Another Russian company Lukoil suffered a $63 million loss when it withdrew from a project in the Aran oilfield.
Iran sits on the world's second largest natural gas reserves after Russia and is trying to grow its gas production by increasing foreign and domestic investments, especially in its South Pars gas field.
- Gazans reach beyond Israeli blockade through start-up
- France is playing a risky dating game in the Gulf: experts
- Egyptian stocks plummet as Yemen confict deepens
- Mission to Mars: UAE plans Arab region's first unmanned probe
- Supervising the stoners: Egyptian tobacco traders call for the legalization of cannabis
- Iranian oil firm inks $850-million deal to develop an Iran-UAE offshore field
- What's in it for who? Swedish and Russian firms to help Iran dig for oil in the Caspian sea
- Iran is totally ready to make things official with British oil giants
- Jordan nuclear body ready to sign agreements with Russian firm to build Kingdom's first reactor