Russian giant oil companies preparing to visit Iran
Baku, Azerbaijan, Nov. 16
By Dalga Khatinoglu – Trend:
A 28-member Russian delegation, headed by Energy Minister Alexander Novak will visit Tehran on Nov.17, Iran’s Ambassador to Russia Mehdi Sanayee wrote on the embassy's official Telegram page.
According to Sanayee, some Russian giant companies, including Lukoil, Gazprom, Zarubezhneft, Tatneft and Stroy Trans Gas would visit Iran to become familiar with the country’s newly designed contract model, called Iran Petroleum Contract or IPC.
Iran recently signed MoUs with Lukoil, Zarubezhneft and Tatneft, but no agreement has been sealed between Iran and Russian companies since the elimination of sanctions in January 2016 yet.
Iran says it needs more than $130 billion worth of investment to develop about 50 oil and gas fields based on IPC.
Currently Iran produces 3.7 million barrels per day (mb/d) of crude oil, above 550,000 p/d of gas condensate and 750 million cubic meters per day (mcm/d) of gas.
The country plans to increase the oil production to above 5 mb/d by 2021 and its gas condensate and natural gas output is expected to reach 1 mb/d and 1.25 bcm/d in next five years.