Russia considers $50B investment in Iranian oil & gas

on April 4, 2021 | 9:55:30

Russian energy companies could spend as much as US$50 billion on oil and gas exploration in Iran, a presidential aide told media.

Yuri Ushakov said companies including Rosneft, Gazprom, Gazprom Neft, Lukoil, Zarubezhneft, and Tatneft were “systemically working on development of fields in Iran.”

The official’s comments come after Zarubezhneft became the second company—after French Total—to sign the new petroleum contract devised by Tehran to lure international oil and gas companies back into its oil and gas.

Zarubezhneft will invest US$740 million in the development of two oil fields in western Iran—Aban and West Paydar—with plans to boost production to 105 million barrels over a period of 10 years.

Last year, Energy Minister Alexander Novak said the company was willing to sign up for several projects in Iran and invest around US$6 billion in their development. In February, it inked a deal with local IDRO Oil to present a joint bid for a third field, Susangerd, in southwest Iran.

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