Azernews.Az

By Sara Rajabova

Following the reduction of tensions between Iran and the international community as a result of the nuclear talks, foreign companies expressed readiness to return to the country if sanctions are lifted.

Lukoil Oil Company is considering participation in oil and gas projects in Iran in case of international sanctions relief, senior vice-president of Lukoil Overseas, Gati Saadi Al-Jebouri said at a conference on Energy Intelligence in Moscow, ITAR-TASS reported.

"If there are changes, if restrictions and sanctions are lifted, then, of course, we will very cautiously return to the project in Iran," he said.

Lukoil suffered a $63 million loss when it was forced to withdraw from a project in the Aran oilfield.

A joint venture between Lukoil and Norway's Statoil was aimed at developing part of the Anaran block that extends across the Iraqi border. The two companies wrote off the project in 2010 because of the international sanctions imposed on the Iranian banking system.

In the same year, the company stopped supplying diesel fuel and gasoline to Iran.

Earlier, another Russian company Zarubezhneftegaz announced its readiness to participate in the development of a newly discovered gas field in Iran.

The Russian company signed an MOU with Iran in 2010.

The company will soon open an office in Tehran, an official with Zarubezhneftegaz said, adding that it is ready to participate in the exploration, drilling, extraction, and refining sectors of Iran's oil and gas industry.

Iran is one of the world's biggest oil and gas exporters and its economy is heavily dependent on energy revenues.

Crude reserves in Iran are estimated at 155 billion barrels, while gas reserves stand at 33.1 trillion cubic meters. International sanctions have hampered Tehran's ability to deliver its crude oil to the market and receive payments for its exports.

According to the latest Platts survey of OPEC production for November 2012, Iran's oil production has fallen dramatically from an average of 3.7 million barrels a day in 2011 to 2.7 million.

The United States and the European Union imposed sanctions on Iran's oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

Iran's crude oil is subject to a European Union embargo that started on July 1, 2012.

The sanctions also bars EU insurance firms from covering Iran's exports.