Russia developing most of Iranian oil fieldsStaff Writer | December 13, 2016
Petroleum Minister Bijan Zangeneh said that most of Iran's oil fields are being developed by Russian companies.
Oil exploration Minister Bijan Zangeneh:
He added Russia's second-biggest oil producer Lukoil is cooperating with Iran for the development of the Mansouri and Ab Teymour oil fields – both located in the southwestern oil-rich Khuzestan province.
Zangeneh underscored that the Iranian and Russian companies also inked two agreements to survey Cheshmeh Khosh and Changoleh oil fields in west of the country on Tuesday.
He also hailed Russia's cordial collaboration with Members of Organization of Petroleum Exporting Countries (OPEC) for restoring tranquility to oil market.
On Dec 10, OPEC and non-OPEC member states convened ministerial meeting in Vienna for arrangements on output cuts.
OPEC member states in the 171st meeting decided to reduce oil production 1.2 million bpd from January 2017 to improve prices, elimination of the glut in the market and create market balance.
Non-OPEC member states agreed to reduce their oil production 600,000 bpd including Russia to cut oil production by 300,000 bpd and Mexico agreed to cut output by 150,000 bpd. ■