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News // Oil and gas worldwide

Russia’s energy giant Zarubezhneft to help Iran to increase oilfields recovery rate

05 August 2016 , 12:11Neftegaz.RU800

 

NIOC and Zarubezhneft are in negotiations over boosting extraction from two Iranian oilfields, said NIOC´s Deputy Head G. Manouchehri on August 3, 2016.

 

Earlier, on July 12, 2016, NIOC and Zarubezhneft signed a nondisclosure agreement, based on which the Russian company will carry out studies on Aban and West Paydar joint oilfields.

 

«Based on the talks, Zarubezhneft is due to determine ways for raising production from Aban and West Paydar oilfields,» said Gholamreza Manouchehri, Deputy Managing Director of National Iranian Oil Company (NIOC). Referring to Russia’s crude output of over 10 million barrel a day, fuelled by advanced oil recovery techniques, he said, «»Iran not only intends to cooperate with Zarubezhneft for the financing of the two projects, but also aims to employ the company's cutting-edge technologies.»

 

Manouchehri added that the Russian firm is expected to prepare a roadmap to develop the Aban and West Paydar oil fields and draft a master development plan in 4 to 6 months.

 

Iran is recovering from years of sanctions that undermined its economy and trade with the world. The international restrictions were eased in January allowing Tehran to raise crude output and decide whom to sell.

 

In October 2015, Russia’s Energy Minister Alexander Novak said that Zarubezhneft would take up several projects worth a total of $6 bln in Iran’s oil industry.

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