Russia’s Gazprom, Iran’s OIEC sign deal over oil fields
Tehran, Iran, July 30
By Mehdi Sepahvand – Trend:
Russia’s Gazprom has signed a cooperation agreement with Iran’s Oil Industries’ Engineering and Construction (OIEC) over the development of two major oil fields in western Iran.
The oil fields under agreement are Azar and Changuleh, Iran’s most recent discoveries located in the western province of Lorestan, Iran’s IRNA news agency reported July 30.
Based on this agreement, the two sides would cooperate over the development of Azar and Changuleh through the framework of Iran’s new format of oil contracts.
Unlike Changuleh, Azar is a joint field shared with Iraq. The Iraqi part of Azar is called Badra.
Azar and Changuleh were discovered in 2005 as a result of explorations conducted by a consortium comprising Russia’s Lukoil and Norway’s Statoil. Both fields – together with Iraq’s Badra – are believed to hold an in-place reserve of about 3.5 billion barrels.