TEHRAN - National Iranian Oil Company (NIOC) and Russia’s Lukoil signed two memorandums of understanding (MOUs) on Tuesday for conducting geological prospecting on Caspian Sea’s potential oil fields, Shana reported.

The MOUs were signed during a meeting between Lukoil’s CEO Vagit Alekperov and Iranian Oil Minister Bijan Namdar Zanganeh who visited Moscow to attend the 19th Ministerial Meeting of the Gas Exporting Countries Forum (GECF) which was held on Wednesday.

One of the two MOUs was signed between the National Iranian Oil Company (NIOC) and Lukoil while the other was inked between Lukoil and Khazar Exploration and Production Company (KEPCO), which is a subsidiary of NIOC.

The documents have been signed following several months of negotiations on conducting geological exploration in the southern part of the Caspian Sea region.

Speaking at the meeting, Alekperov expressed his company’s willingness for expansion of cooperation with NIOC in various areas, saying that both sides are eager for developing energy ties.

Zanganeh for his part stressed the importance of GECF meeting and the energy ties between the two countries and noted, “Collaboration in such meetings could play an important role in developing energy ties between the two countries.”

EF/MA