02-09-08 Development of Iran's North Azadegan field will be probably the first overseas project of Gazprom Neft. In essence, the company will have only the contract of service. But under certain conditions, it will be able to add reserves to the balance and get a share in the annual production of 5.5 mm tons to 6.5 mm tons.
Gazprom Neft is ready to operate in three more fields of Iran under similar terms.

Gazprom Neft CEO Alexander Dyukov said the company had addressed Iranian authorities in August, expressing desire to develop North Azadegan field under the buyback conditions.
"There are a few issues calling for further specification and elaboration. We are waiting for Iran's invitation to go there and discuss them," Dyukov said.

Gazprom Neft estimates the reserves of North Azadegan at 150 mm tons. If the long-term contract for oil trading is concluded, the company will be able to add the reserves to the balance.
"In essence, it is the servicing contract. We bear the costs agreed on in advance and to be set off at the fixed yield. We are to agree on the yield and on the oil quantities that we will have for selling," Dyukov pointed out, adding that the annual production could be from 5.5 mm tons to 6.5 mm tons.

The company is willing to develop three more fields in Iran under similar terms. They are Shurum, Kuh-e Rig and Dudru, and respective negotiations are underway. Of interest is that the Western companies are leaving Iran at large.
Total pulled out in early summer, Repsol and Shell abandoned the plans to develop South Pars in spring. The United States banned companies under its jurisdiction from investing in Iran and the EU imposed a number of suctions. As to Russia, its companies are stepping up presence in that country.