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The Single Most Bullish Indicator For Oil

The Single Most Bullish Indicator For Oil

Crude futures saw some headwinds…

Russia’s Gazprom Neft To Study Iranian Oil Fields Development

Oil Field

In the latest of a series of Russian-Iranian oil deals, Russia’s oil producer Gazprom Neft and National Iranian Oil Company (NIOC) signed an agreement on Tuesday under which the Russian firm would study potential development of two oil fields in western Iran.

Gazprom Neft, the oil producing arm of gas giant Gazprom, will study the development potential of the Cheshme Khosh and Changuleh oil fields, Iran’s oil ministry’s news service Shana reported.

Iran’s oil minister Bijan Namdar Zanganeh and Russia’s energy minister Alexander Novak were present at the signing of the deal, in a sign that the two countries are further strengthening their energy ties at the highest level.

Last month, three Russian companies signed contracts for oil field development with the National Iranian Oil Company.

Commenting on the deal with Gazprom Neft, Zanganeh said this latest agreement brings the total number of Iranian fields under Russian companies’ study to 7, with Russia accounting for the largest share of exploration deals compared to other countries. At present, Lukoil has a deal to study the Ab Teymour and Mansouri oil fields, Zarubezhneft for exploring the Aban and Paydar Gharb fields, and Tatneft for studying the Dehloran field.

In a separate development as part of the top Iran-Russia energy deals meeting, Iran’s Zangeneh said that his country was in talks with Russian customers to sell them up to 100,000 barrels of oil per day.

Related: Legit OPEC Cuts To End Global Oil Glut In H1 2017

Of course Gazprom did not miss out on this Iranian deal opportunity for its oil unit, and signed a gas cooperation deal with the National Iranian Gas Company to potentially turn preliminary agreements into contracts.

What’s more, Iran and Russia are also studying joint cooperation on the gas markets and will possibly launch joint projects in Iran and other countries, Shana news service reports.

By Tsvetana Paraskova for Oilprice.com

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  • osama on December 13 2016 said:
    What a news. Parallel deals. At one side cutting production. On the other hand signing for new well exploration. A contrast....a dangerous one.

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