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Business/Finance See other Business/Finance Articles Title: Russian oil is expanding into Syria, Iraq and Iran In general, Russia has the biggest share among foreign countries in securing preliminarily IPC oil fields in Iran by means of MoUs (totaling 9) and it is LUKOIL that won the most prolific ones (See Graph 1), in all likelihood a result of its long-standing ties to Iran which date back to the Caspian swap crude sales. Most fields that Russian companies will be involved in are brownfield - only Changuleh is a greenfield - and fall into the medium oil category. Graph 1. Russian Participation within the framework of the Iran Petroleum Contract. Iran is not the only Middle Eastern country that will witness an influx of Russian companies. Rosneft and Gazprom Neft are developing eight blocks in Iraqi Kurdistan, with the former effectively helping the KRG to stay financially afloat thanks to its prepayments within a long-term supply deal. Russian companies seem to be warming up to the Iraqi mainland, too – LUKOIL has strived to expand its dealings in Iraq, where it currently operates the 14 BBbl West Qurna field, by clinching the Nasiriya Integrated Project. Talks have yielded no significant result so far. However, with Rosneft having spudded its first exploration well in the Western Desert this year and Gazprom Neft ramping up its 3 BBbl Badra project, LUKOIL might get back to the negotiation table. All the more so as LUKOIL’s own Eridu-2 exploratory well, spudded in February 2017 and located right next to Nasiriya, confirmed expectations of a large hydrocarbon field. The Syrian civil war remains a significant factor in dovetailing the Russian and Iraqi/Iranian points of view. By demonstrating that it is willing to commit substantial resources to the Syrian cause, by shoring up military cooperation with Baghdad and Iran, including the sales of military equipment and arms, Moscow’s status within the region has been cemented. In case the Syrian civil war ends with the current government staying in force, either to the full extent or by means of a political division of powers, Russian companies (the state-owned ones and perhaps Tatneft, too, as it had assets in Syria before the onset of the war) are expected to take part in the resurrection of the Syrian oil & gas sectors. Syria’s reserves - 2.5 BBbl of oil and 241 BCm of gas - might seem small compared to Iraq or Iran, however, they would also constitute an important piece in the jigsaw puzzle of Middle Eastern energy. Source: OilPrice.com Poster Comment: Well so much for the malarky that US was in ME for oil. Post Comment Private Reply Ignore Thread
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