Gazprom Neft optimistic on Iranian fields

Sept. 8, 2008 at 12:59 PM
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MOSCOW, Sept. 8 (UPI) -- Russian oil giant Gazprom Neft expects at least $3 billion from the development of the western Iranian Azadegan oil field and three others, analysts said.

The oil division of the energy monopoly Gazprom agreed to develop the Azadegan field, which has recoverable reserves eclipsing 1 billion barrels of oil.

Gazprom Neft could produce as much as 41.1 million barrels of crude oil per year from the field believed to be the largest discovered in the past 30 years, RIA Novosti said.

The oil giant said it was looking at the production capacity of the Kukh-i-Rig, Dudru and Shurum oil fields as well.

Russian energy firms LUKoil and Tatneft are already in production arrangements in several Iranian fields.

Dmitry Lyutyagin with the Moscow energy investment firm Veles Capital said Gazprom Neft could earn as much as $33 per barrel of crude in an arrangement to sell up to 40 percent of the oil back to Iran.

Topics: Gazprom Neft
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