Page 11 - FSUOGM Week 19 2022

FSUOGM PROJECTS & COMPANIES FSUOGM

Lukoil closes purchase of stake

in Gazprom Neft project

RUSSIA Russia’s Lukoil has closed a deal to acquire a 50% 419mn tonnes (3bn barrels) of oil and 225 bcm
interest in Meteroyakhaneftegaz, a Western Sibe- of gas, according to Gazprom Neft, and plateau
Gazprom Neft had rian oil project owned by Gazprom Neft, Inter- production is expected to come to 1.7mn tonnes
earlier hoped to sell the fax reported on May 5, citing data from its own of oil and 8 bcm per year of gas, peaking at a total
stake to Shell. SPARK database. of 8mn tonnes of oil equivalent in 2024.
The two companies signed a contract last year Other, undeveloped fields include Mere-
on the transfer of the stake, for which Lukoil will toyakhinskoye, Severo-Samburgskoye and the
pay Gazprom Neft RUB52bn ($755mn). The two Zapadno-Yubileiny exploration blocks.
deal was approved by Russia’s anti-monopoly Gazprom previously reached out to Shell to
regulators in late February. Beyond development develop the Mereteoyakaneftegaz fields, but the
plans for existing fields, the pair have agreed on UK oil major withdrew in 2020, citing the impact
an exploration plan worth RUB8.9bn will be fully of the coronavirus pandemic on oil markets. This
funded by Lukoil. proved a good decision for Shell in hindsight, as
Meteroyakhaneftegaz’s flagship asset is the the company is now withdrawing from Russia
Tazovoskoye oil and gas field, which Gazprom completely, like other international oil majors,
Neft put on stream in June 2021. The field holds in reaction to Moscow’s invasion of Ukraine. ™

NEWS IN BRIEF

Iran finds more partners and modernisation of refineries and the from the list of terrorist organisations due
to Tehran's disagreement and its playing
utilisation of refinery capacities as well
as EU looks to save deal as the export of engineering services and for time with the boost in oil prices and
technologies to countries such as Venezuela
bonanza of channelling Russia’s trade
Iran and Russia are set to improve bilateral and Nicaragua. through its borders.
ties in the fields of oil and finance as both The Iranian minister met with The report, from the outlet affiliated to
countries face a shrinking pool of potential Venezuelan President Nicolas Maduro Iran’s Supreme National Security Council
partners. and the country’s oil and foreign affairs (SNSC), which now leads nuclear talks on
Russian Deputy Prime Minister ministers, the head of the Venezuelan Tehran’s side, confirmed that the EU’s top
Alexander Novak is expected to visit Tehran national oil company, and other senior negotiator is headed to Tehran in an attempt
this week to hold meetings with Iran’s first officials in Caracas during his tour. to dislodge the ongoing impasse.
vice President Mohammad Mokhber to During his visit to Nicaragua, Owji also The EU is making a last-ditch effort
“discuss bilateral ties and issues of mutual met with President Daniel Ortega and the to salvage Iran nuclear deal talks and
interests”, according to Iranian state media. country’s National Assembly President break the deadlock sparked by Tehran’s
Speaking to energy sector media outlet Gustavo Porras Cortés. demand for Washington to remove terrorist
Shana, Iranian Deputy Foreign Minister The Iranian minister also signed organisation status from the Islamic
for Economic Diplomacy Affairs Mehdi contracts with South American agricultural Revolutionary Guard Corps, a powerful
Safari said that Iran’s Russia Joint Economic companies to boost trade of agri-products state security force.
Commission had held meetings last week in to Iran from the region, without further In 2015, the UK, Germany, China,
preparation for the visit. clarification of the goods. Russia, the US, France and Iran concluded
During these, Safari called on Iranian During his tour the Iranian minister also a nuclear deal, the JCPOA, which involved
government agencies to “seriously follow visited local refineries and offered Iran’s lifting sanctions in exchange for limiting
up the issue of organising the joint expertise in keeping the sector operational Iran’s nuclear programme.
commissions between the two countries”, despite US sanctions throttling development In May 2018, then-US President
emphasising that collaboration in oil and without large foreign majors. Donald Trump withdrew from the JCPOA
gas would be one of “the main goals behind It will be a busy week for diplomats and reinstated sanctions against Tehran.
launching the Iran-Russia Joint Economic in Iran, with the European Union’s top In response, Iran announced a phased
Commission”. nuclear negotiator Enrique Mora set to reduction in its obligations under the
He noted that the mutual waiving of visas arrive in Tehran on May 11 to salvage agreement, waiving restrictions on nuclear
for group tourism will also be discussed. the nuclear deal. Talks to revive the Joint research, centrifuges and the level of
Oji headed a delegation to some South Comprehensive Plan of Action (JCPOA) uranium enrichment.
and Central American countries, including have stalled due to US reluctance to Negotiations have been underway
Venezuela and Nicaragua, last week to remove the Islamic Revolutionary Guard in Vienna to renew the JCPOA and lift
pursue the government’s new policies Corps (IRGC) from the list of terrorist Washington’s sanctions against Tehran since
on energy diplomacy in the face of US organisations. late 2021.
sanctions on the country. The US administration could toughen its On December 27, 2021, the eighth
Deals signed including upgrading position on the issue of excluding the IRGC round started. Even during the seventh

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