Russian oil company LUKoil has reopened its office in Iran, part of a push into the Middle Eastern country amid expectations for the removal of sanctions if a deal to curb its nuclear program is reached.
LUKoil first vice president Ravil Maganov made the announcement on April 15, saying: "We look forward to participation in projects in Iran after the sanctions are fully removed."
Maganov said the Anaran project would be LUKoil's primary focus in Iran but added, "We are studying geological data from other projects as well."
LUKoil and Norway's Statoil started developing the Anaran oil field in 2003 but were forced to pull out in 2011 due to economic sanctions imposed on Iran.
The field near the Iraqi border contains an estimated 2 billion barrels of oil.
Iran and six world powers have set a June 30 deadline for a deal that would rein in Iran's nuclear program, which Western nations fear is a front for weapons devel,opment, in exchange for sanctions relief.