Page 14 - MEOG Week 23 2021

MEOG PROJECTS & COMPANIES MEOG

Lukoil ready to return to

Iran’s Mansouri project

IRAN RUSSIA’S Lukoil is ready to re-engage on Iran’s On June 3, Russia’s energy minister Nikolay
western Mansouri oilfield as and when sanctions Shulginov met with Iranian counterpart Reza
on operating in the country are lifted. Ardakanian on the at the same event for talks
Speaking on the sidelines of the St Petersburg on bilateral cooperation and joint investments,
International Economic Forum (SPIEF) on June as well as for a discussion on the situation on the
3, Lukoil’s president Vagit Alekperov told report- global energy market.
ers the company hopes it can return to the devel- According to NIOC, by 2015 the project to
opment of the field. develop Mansouri was around 99% complete
When asked about the cessation of US sanc- with new production and desalting units almost
tions imposed on the Islamic Republic that complete.
might be ahead and the potential for Russian The Phase 1 production target was set at
companies to re-enter the country, he said: “Yes, 100,000 barrels per day (bpd) with the second
we are interested. We have advanced quite far phase adding a further 150,000 bpd. Production
there, almost all documents on the Mansouri from the Asmari layer alone averaged around
field are ready.” 60,000 bpd in early 2004 and has achieved
“As soon as all these restrictions are lifted, we 100,000 bpd at various points since 2007.
will be happy to resume both the negotiation NIOC anticipates a healthy recovery rate of
process and practical work on the project,” he around 45% and, although there is less data avail-
said. The company signed a memorandum of able on the Ab Teymour field, which remains
understanding with the National Iranian Oil Co. largely undeveloped, NIOC estimates are that it
(NIOC) in 2016 for studies of the Ab Teymour holds around 2 billion barrels of oil.
and Mansouri fields. At the time of the MoU signing, NewsBase
Alekperov added that the terms of the Iran quoted a senior oil and gas industry source in
Petroleum Contract (IPC) contract proposed by Tehran as saying: “The trade off for Lukoil is that
the Iranian side suited Lukoil, but added that his it gets an open goal with Mansouri in exchange
company was yet to consider other projects in for having to put a bit more effort into Ab Tey-
the country. mour, but with the prospect of a huge pay-out
Discussions on the projects were put on hold down the line, as per the terms of the contract.”
after the US pulled out of the Joint Comprehen- He added: “The preliminary contract that has
sive Plan of Action (JCPOA) and reimposed been signed will be the IPC model, stipulate that
sanctions on the country’s oil industry. the take for Lukoil from [Ab Teymour] will be
The Mansouri field, in the southern Khuz- around 30% higher than is being offered as the
estan province, has an estimated 3.1bn barrels of standard for oil and gas fields that have been par-
oil in place. tially developed already.”™

P14 www. NEWSBASE .com Week 23 09•June•2021