Gazprom Neft has signed a Memorandum of Understanding with Iran’s Oil Industries’ Engineering & Construction (OIEC) confirming both companies’ mutual interest in combining forces in the preliminary assessment and investigation of the geological potential of oil fields located in the Islamic Republic of Iran. The document was signed by First Deputy CEO, Gazprom Neft, Vadim Yakovlev and OIEC CEO Behzad Mohammadi.
The parties have agreed to hold joint consultations with the National Iranian Oil Company (NIOC) on the evaluation, exploration and development of assets offered to investors, and to consider additional opportunities for cooperation in the Islamic Republic of Iran. The signed Memorandum of Understanding does not grant Gazprom Neft and the OIEC exclusive rights, and does not restrict the company from negotiating and entering into agreements with third parties.
About Gazprom Neft
Gazprom Neft is a vertically integrated oil company primarily engaged in oil & gas exploration and production (E&P), the sale and distribution of crude oil, and the production and sale of petroleum products.
The company’s proven SPE (PRMS) hydrocarbon reserves exceed 1.2 billion tonnes of oil equivalent (toe), placing it among the world’s 20 largest oil companies.
The company operates in many of Russia’s prominent oil and gas regions including Khanty-Mansiysk (Yugra), Omsk, Orenburg, Tomsk, and Yamalo-Nenets. Gazprom Neft’s major refining facilities are located in Moscow, Omsk, and Yaroslavl, and it also has refineries in Serbia. Apart from its upstream activities in Russia, the company is involved in international E&P, including projects in Iraq and Venezuela.