Lukoil (OAO) have said today that the National Iran Oil Company (NIOC) has approved the participation of LukOil Overseas, the operator for its international exploration and production projects, in a geological and exploration project on the Anaran prospective onshore block. The block is located in the Islamic Republic of Iran.
According to the agreement that was signed in February this year with Exploration and Production International, a division of the Norwegian company Norsk Hydro ASA, LukOil Overseas has a 25% share in the Anaran project and Norsk Hydro ASA holds the remaining 75%. Following the NIOC approval, the Anaran agreement has come into legal force, the company said.