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Lukoil targets Azar field go-ahead



By Upstream staff 

Russia's Lukoil hopes to sign a development deal for Iran's Azar oilfield in April, a senior Lukoil executive said today.

"We are very hopeful that this can be signed in April," Viatcheslav Kosmynin, Lukoil's director in Iran, said.

"We have submitted the development plan to Iran with our partners Norsk Hydro and are negotiating terms."

Norway's Norsk Hydro and Lukoil worked together on an exploration contract for the field and discovered oil there in 2005. The companies later said the field holds 2 billion barrels of oil, Reuters reported.


Friday, 02 February, 2007, 12:20 GMT  | last updated: Friday, 02 February, 2007, 12:20 GMT

New day: Lukoil is hoping to clinch approval from authorities in Tehran for its Azar development plan
 

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