Gazprom Says in Talks with NIOC over Development of Iranian Fields

The company plans to expand its reserve base abroad and is stepping up talks on its participation in four Iranian fields, namely Kish, North Pars, Farzad A and B, under a memorandum with the National Iranian Oil Company, deputy chairman of Gazprom's management committee, Vitaly Markelov, told a press briefing, Platts reported on Friday.

"According to the memorandum, we were to prepare our proposals based on the financial-technical analysis presented by the Iranian side. Today, we have completed this work, and we are starting a series of talks with the Iranian side on these four projects. Based on this memorandum, we have to carry out analysis, hold talks, consider the contract conditions and will take further decisions accordingly," he said.

Recently, Gazprom deputy CEO Alexander Medvedev shrugged off concerns over the potential renewal of US sanctions on Iran later this year by saying, "If you can't stand the heat, get out of the kitchen!" but added that Gazprom would assess all the technical, economic, and sanctions risks.”

As the company is looking at monetization options and supply routes for future Iranian gas, it is considering deliveries via the Iran-Oman or the Iran-Pakistan-India pipelines -- the latter is still awaiting signatures from Pakistan and India -- as well as gas liquefaction, Markelov said.

Iran has offered Gazprom participation in the Iran LNG project, on which the parties have signed a memorandum, he said, adding that the company was only carrying out an audit of the project, after which it would decide on any potential involvement.