Statoil and Iran's NIOC ink MoU to cooperate in Iran
- The MoU involves basin modeling and analysis in Persian Gulf, Abadan plateau and South Caspian basin, Statoil announces

Lukoil and the National Iranian Oil Company (NIOC) signed a Memorandum of Understanding, (MoU) to cooperate in basin modeling in Iran's hydrocarbon fields, Lukoil announced on Wednesday.

The MoU was signed between Lukoil-Engineering, a wholly-owned subsidiary of Lukoil, and NIOC, Lukoil announced in their press release.

Iran began negotiations with international oil and gas companies for joint investment projects in its oil and gas industry following the implementation of the Joint Comprehensive Plan of Action in January 2015.

"The parties to the memorandum express their interest to enhance mutually beneficial cooperation, which implies basin modeling and analysis of the petroleum systems of northwest areas of the Persian Gulf, the Abadan plateau and the South Caspian basin." the press release informed.

As part of the agreement, Lukoil-Engi‚Äčneering and NIOC will arrange the exchange of data necessary to study the areas, and establish a joint working group.

Iran holds the world's fourth-largest proven crude oil reserves and second-largest natural gas reserves, according to the U.S. Energy Information Administration. However, the country's oil and gas production was hampered in the past few years because of international sanctions.

By Muhsin Baris Tiryakioglu

Anadolu Agency



05 Oct,2017