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Iran signs cooperation agreement with Lukoil and Zarubezhneft

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Iran signs cooperation agreement with Lukoil and Zarubezhneft

Iranian National Oil Company (NIOC) signed an agreement on Iranian oil fields exploration with seven foreign companies, Reuters reports.

Contracts for exploration of Iranian oil fields were signed with Austrian OMV, French Total, German Wintershall, Indonesian Pertamina, as well as with Russian PJSC Lukoil and JSC Zarubezhneft.

As it was reported earlier, Iran might finally approve a new type of oil contracts by late 2016. The project of new regulations was approved by the Iranian government early in August.

According to Iranian Oil Minister Bijan Zanganeh, the project prepared by his department envisages modification of the tender conditions for exploration of Iranian oil and gas fields by foreign companies.

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