Russia's Lukoil has offered to participate in Iran's oil exploration activities in the Caspian Sea, Iranian state radio reported on Monday. Iran has been slow in developing oilfields in its deep territorial Caspian Sea waters as the investments in the shallow Gulf waters have proven more feasible.
"Russian Lukoil and a Kazakh oil company have offered their partnership to Iran's Northern Drilling Company (NDC) in the Caspian Sea oilfields," the state radio reported.
The report said the head of NDC, Asghar Rafei, had six months to study the offer. It said Rafei described the talks with the Russian and Kazakh firms as "satisfactory." The report did not contain any further details. NDC officials were not immediately available for comment. Lukoil has already got a 25 percent stake in the exploring licence for Iran's Azar oilfield, where Norsk Hydro holds 75 percent.
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