NIOC and Rosneft sign cooperation agreement during Vladimir Putin’s visit to Teheran

National Iranian Oil Company (NIOC) and Russian oil company Rosneft have signed an oil & gas industry strategic cooperation agreement during a visit of President of Russia to Teheran.

The two parties signed the “Roadmap and Key Terms of Strategic Cooperation in Oil & Gas” during the visit of President of Russia Vladimir Putin to the Republic of Iran, Rosneft said on Wednesday.

Rosneft said that this agreement confirms the high level of interest of both parties in the development of long-term and mutually rewarding cooperation in the main areas of the oil & gas industry, including exploration & production, oilfield services, local application of technologies, and personnel training. The parties have agreed on the key points of Rosneft’s participation in Iranian oil and gas projects and approved a path for the future.

Iran is believed to be an oil & gas powerhouse. It gas field South Pars in the Persian Gulf, which Iran shares with Qatar, is the largest gas field in the world. This gas field is one of Iran’s key energy resources. It covers an area of 9,700 km², 3,700 of which belong to Iran.

The part of the field that belongs to Iran has estimated reserves of 14 trillion m³ of gas and approximately 18 billion barrels of gas condensate. This amounts to approximately 7.5 percent of the global gas reserves and some half of the gas reserves of Iran.

As for offshore oil production, the National Iranian Offshore Oil Company, a subsidiary of NIOC, produces 640,000 barrels of oil a day from its Lavan, Bahregan, Kharg, and Siri oil fields.

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Keywords: Rosneft, NIOC, Russia, Iran, cooperation agreement, oil & gas, oil company.