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Russia Mulls Further Development of Iranian Oil Fields

OIL

Further comments on potential Russian development of Iranian oil output after yesterday’s headlines:

Russian companies may increase oil production in Iran next year according to Russian Deputy Prime Minister Alexander Novak.

  • "The energy sector, which includes the oil and gas business as well as the electric power industry, is essential to us. Iranian oil production investment projects are already being carried out with the participation of Russian companies. The volumes will rise even further the next year, and new fields will be developed," he said.
  • He added that "Gazprom will soon clinch approvals on the technological parameters [of the projects], since a memorandum was signed this summer, and now the delegation is working on specific fuel and energy complex projects. We hope that agreements and contracts will be inked by the end of November,".
  • A memorandum on strategic cooperation was signed in Tehran on July 19 by Gazprom and the Iranian National Oil Company.
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