Hydro, Lukoil to continue oil exploration in Iran
OSLO (Interfax) Norway's Hydro and Russia's Lukoil (RTS: LKOH) will continue to jointly explore the Anaran oil field in western Iran despite the danger that international sanctions could be imposed against Iran.
"We are keeping all of our workers in place and are not planning to evacuate them," Kama Holte Strand, Hydro's secretary for international issues, told Interfax.
"All the work at Anaran is strictly on schedule," she said. "We have successfully tested the first trial well and have started drilling the second well at Changuleh-West," she said.
Several large international financial and power companies have stopped work in Iran because of concern that international sanctions will be introduced against Iran. Switzerland's UBS AG and ABN Amro Holding NV of the Netherlands have announced that they have stopped work in Iran. Halliburton stopped working in Iran a year ago.
The U.S. Justice Department is investigating these three companies to see how they followed sanctions introduced against Iran by the U.S. Credit Suisse Group, the energy companies Baker Hughes, ConocoPhillips, BP Plc, the AON insurance corporation and General Electric are all leaving Iran, but they will not be investigated.
Two large Western companies - one carmaker and a household electronics producer - have postponed signing contracts until April to build their enterprises in Iran.
The International Atomic Energy Agency (IAEA) is meeting in Vienna Thursday to discuss a resolution that Iran be reported to the UN Security Council.
Hydro owns 75% of the Anaran field and Lukoil has the remaining 25% through its wholly owned subsidiary Lukoil Overseas. Lukoil announced in early December 2005 that it had discovered a field with reserves of up to one billion barrels of oil.
"We are keeping all of our workers in place and are not planning to evacuate them," Kama Holte Strand, Hydro's secretary for international issues, told Interfax.
"All the work at Anaran is strictly on schedule," she said. "We have successfully tested the first trial well and have started drilling the second well at Changuleh-West," she said.
Several large international financial and power companies have stopped work in Iran because of concern that international sanctions will be introduced against Iran. Switzerland's UBS AG and ABN Amro Holding NV of the Netherlands have announced that they have stopped work in Iran. Halliburton stopped working in Iran a year ago.
The U.S. Justice Department is investigating these three companies to see how they followed sanctions introduced against Iran by the U.S. Credit Suisse Group, the energy companies Baker Hughes, ConocoPhillips, BP Plc, the AON insurance corporation and General Electric are all leaving Iran, but they will not be investigated.
Two large Western companies - one carmaker and a household electronics producer - have postponed signing contracts until April to build their enterprises in Iran.
The International Atomic Energy Agency (IAEA) is meeting in Vienna Thursday to discuss a resolution that Iran be reported to the UN Security Council.
Hydro owns 75% of the Anaran field and Lukoil has the remaining 25% through its wholly owned subsidiary Lukoil Overseas. Lukoil announced in early December 2005 that it had discovered a field with reserves of up to one billion barrels of oil.
posted by Marko at 2/04/2006 02:05:00 PM
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