Zarubezhneft has signed a Memorandum on the field Sangole in Iran

Moscow. November 12. Zarubezhneft has signed a Memorandum of opportunities in the field Sangole in Iran, told journalists energy Minister Alexander Novak. The document was signed by results of his visit to Tehran.

Novak recalled that Russian oil and gas companies interested to work in Iran, expect the formation of the new regulatory framework in the country to understand the conditions. “Iran is currently changing the law. In the coming time, the Iranian colleagues will present proposals on modalities for investment in oil and gas projects,” the Minister said.

To develop the field Sangole claimed three Russian oil companies, including Rosneft and Zarubezhneft, as well as one Croatian NC.

At the moment, “Zarubezhneft” carries with Iran’s ICOFC (Iranian Central Oil Fields Company) projects to improve oil recovery at the fields of PADOR, Western Padar, Aban and Naft Shahr. Novak reported earlier that the Russian company is considering projects to develop fields in Iran, totaling about $6 billion.

Mine Sangole is located within the Anaran block includes, prior to the imposition of sanctions against Iran exploration there held by LUKOIL in a consortium with Norway’s Statoil. Statoil owned 75%, LUKOIL – 25%. As a result of exploration opened two field – Azar and Shangule. LUKOIL and Statoil negotiated with the Iranian side of the contract on field development, but the contract was not concluded because of the sanctions.

At the end of 2009 “Gazprom oil” and the Iranian national company National Iranian Oil Co (NIOC) signed a Memorandum of understanding regarding cooperation in the field of development of deposits of Azar and Shangule. However, after years of negotiations, the parties have not entered into specific agreements.