LUKoil and Norsk Hydro To Jointly Explore Iranian Block
At the same time, Lukoil Overseas Holding Ltd and Norsk Hydro also signed a contract relating to Lukoil's participation in the Anaran block in the Islamic Republic of Iran, in which Hydro has a 100 percent interest. The contract has yet to be approved by the Iranian authorities.
Hydro's interest in Anaran dates back to 2000 when the company signed an agreement with the National Iranian Company granting Hydro exploration rights in the onshore block, located near the Iraqi border. Norsk Hydro started shooting its seismic program at the Anaran block last year. Regarded as a high-potential area, the1,350 square-mile Anaran block is located in the prolific Zagros belt, where most of Iran's commercial oil and gas is located. Under the terms of the deal Hydro is committed to spudding five wells, three exploration and two appraisal, and carrying out at least 485 miles of 2D seismic studies by 2004. The contract is extendable by one year. At the end of that period, if Hydro and NIOC agree that the eventual find is commercial, Hydro may enter negotiations for a buy-back deal to exploit the oil. NIOC may, however, choose another company to apply for a buy-back project.
Lukoil Overseas Holding Ltd is the operator for Lukoil's international projects. "The letter of intent between Lukoil and Hydro is very positive," says Kama Holte Strand, information manager at Hydro Exploration and Production International. "It may also open up for cooperation on projects in Russia."
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Oil Falls as US Inventories Increase
- Ithaca Energy Studies Deal for Eni's UK Upstream Assets
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call