Lukoil, Russia's biggest private oil company, is seeking new opportunities in the Middle East, according to the company’s vice president in the region, Gati Al-Jebouri.
Lukoil is “actively in discussion with the government in Oman for opportunities, here in the UAE,” and in Kuwait, says the Kallanish Energy website.
Abu Dhabi’s national oil company, ADNOC, has renewed its licenses for onshore fields and is expected to find partners for its offshore oilfields by 2018.
Lukoil is also in discussions with Iran’s national oil company, NIOC, over two oilfields in the country's west – the Abe Timur and the Mansuri. Lukoil’s CEO Vagit Alekperov reportedly said the contract would be signed in April.
Lukoil’s plans also include Iraq, where the company's output is around 400,000 barrels a day, according to the company. Its production in the country will not fall under the OPEC cut, unlike Lukoil’s operations in Russia.