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Russia's LUKOIL, Iraq Discuss Joint Geological Prospecting Venture

© Sputnik / Igor Zarembo / Go to the photo bankFixed offshore ice-resistant platform of LUKoil Kaliningradmorneft in Baltic Sea
Fixed offshore ice-resistant platform of LUKoil Kaliningradmorneft in Baltic Sea - Sputnik International
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Russia's LUKOIL oil company and Iraq authorities are considering establishing a joint geological prospecting venture during a meeting in Vienna.

VIENNA, November 26 (Sputnik) — Russia's Lukoil oil and gas company and Iraq authorities are considering the possibility of setting up a joint venture to carry out geological prospecting in Iraq, Lukoil President Vagit Alekperov has announced.

Alekperov and Iraqi Oil Minister Abdul Karim Luaibi discussed a number of new projects, including a joint geological prospecting venture, during a meeting in Vienna.

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"The minister supported the idea. A working group will start working on finding a site for the joint project," Alekperov said Wednesday, after the talks.

In May, Iraqi Ambassador to Russia Sharif Muhsin said Iraq was interested in expanding joint oil production and refining with Russia, stressing that Lukoil 'soil production level in Iraq was expected to reach 1.2 million barrels in the near future.

Russia and Iran have a good track record of successful cooperation in the energy sector, including construction of power plants in Iraq.

In November, Russia and Iran signed a deal for the construction of two nuclear reactor units at the Bushehr power plant, using Russian technology. Under the agreement, Russia will also deliver nuclear fuel for the units. The parties also signed a memorandum of understanding on deeper cooperation on peaceful nuclear energy.

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