• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 3 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours U.S. Presidential Elections Status - Electoral Votes
  • 1 day Evergrande is going Belly Up.
  • 1 day World’s Biggest Battery In California Overheats, Shuts Down
  • 1 hour Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 18 hours Poland Expands LNG Powered Trucking and Fueling Stations
  • 3 days And now, hybrid electric locomotives...
  • 34 mins The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 2 days Ozone layer destruction driving global warming
  • 3 days The Painful Death of Coal
  • 2 days The coming Cyber Attack
  • 2 days Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 2 days 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Russia Considers $50B Investment In Iranian Oil & Gas

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.

During a visit of Russia’s President Vladimir Putin in Iran last November, the two countries signed six preliminary agreements on oil and gas projects that would see up to US$30 billion in Russian investments flow into Iran’s energy industry.

Russia is a natural partner for Iran in energy, unlike Western oil supermajors that are wary of investing in the country over fears that Washington may reimpose economic sanctions that could force them to abandon any deals struck with the country.

Total has been an exception, becoming the first Western company to re-enter Iran’s oil and gas industry after sanctions were lifted in 2016, agreeing last year to invest US$1 billion in the development of the huge South Pars gas field. At the time, Washington had extended a sanction waiver for Iran. Now that the threat of sanctions has again reared its head, Total plans to request a waiver, chief executive Patrick Pouyanne said recently.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Lee James on April 04 2018 said:
    Smart move Mr. Putin! Iran is a bit shaky with so many citizens concerned about how their economy is managed, and who benefits. After all, Iran is your strong ally in the region. Maybe you are taking an active role in harvesting Syrian oil as well?

    There's nothing quite like oil to set a country's direction.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News