The North and South Azadegan fields have become a core part of Iran’s strategy to ramp up crude oil production, and the country recently presented a $7 billion plan to develop this double-field oil site
For Russia, though, the oil and gas opportunities in Iran have always been seen as enormous, and rightly so, as, despite its already high levels of oil production, Iran can still be seen as an extremely under-developed oil power. In crude oil terms alone, the Islamic Republic has an estimated 157 billion barrels of proven crude oil reserves, nearly 10 percent of the world’s total and 13 percent of those held by OPEC.
Given the inclusion of KAA within the development group for Azadegan, it is no surprise to see Russian companies fully re-engage in the project as part of a broad-based renaissance of Moscow’s involvement in Iran as a whole, after a period when Russia took the backseat to China. Prior to the reimposition of U.S.-led sanctions on Iran in 2018, Russian companies were on the verge of taking over several new major oil and gas projects in the Islamic Republic.
Once the oil has been re-categorised as coming from non-sanctioned Iraq, rather than Iran, it is easy to send it to wherever Iraqi oil can go, which is anywhere. The bulk of this can be done through Iraq’s existing crude oil export infrastructure, including very large crude carriers loaded in and around the southern export hub of Basra.
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