The Russian oil company Zarubezhneft will sign two agreements with National Iran Oil Company (NIOC), a Russian official said, according to IRNA.
Zarubezhneft is the first Russian oil company to sign two IPCs (Iran Petroleum Contract) with the National Iranian Oil Company on Wednesday, March 14, a source in the company told TASS.
The source referred to activities in Aban and West Paydar oil fields.
Under the terms of the contract, the company will work on the fields in a consortium with the local Dana Energy. The terms of the contract are not specified yet.
No detail on the agreements has been released yet.
Iran's Ambassador to Moscow Mehdi Sanaei had earlier said that there would be some changes in the approaches of the two countries towards oil deals.
Signing agreements and memoranda of understanding on some oil and gas fields between Iranian and Russian companies, such as Rosneft, Gazprom and Tatneft, are examples of such changes.