TEHRAN – Some renowned Russian companies are discussing cooperation for joint implementation of oil and gas projects worth $1.5 billion in Iran, Reuters reported quoting a Russian oil official.

According to Roman Panov, Rosgeologia’s chief executive officer, the State-owned company is in talks with Zarubezhneft, Gazprom Neft and Lukoil on joint investment in Iranian projects.

"Of course, we are negotiating, this approach is possible. Big companies have already announced their participation in joint projects on the Iranian territory. Accordingly, we can act in tandem regarding geological exploration and service operations, and we are involved in it now," he said.

“The total amount of investments is estimated at $1.5 billion,” he added.

According to the CEO, particular projects to be implemented by Rosgeologia in Iran have already been specified.

"As the present moment of time the sides are agreeing the terms of financing," he said.

The projects include onshore and offshore seismic surveys, transit zones operations and well drilling which can take five to seven years.

In June, Panov said that particular areas of operations in Iran under the signed agreement would be defined by the end of this year.

EF/MA