StatoilHydro honors existing contracts with Iran
Tehran Times Economic Desk

TEHRAN -- StatoilHydro Company’s office in Tehran announced that this company will fulfill its obligations regarding Iran’s oil projects.

The company reiterated its willingness to keep transparent relations with the National Iranian Oil Company (NIOC), IRIB reported on Sunday.

“We are in constructive negotiations with the NIOC but we usually don’t comment on the details,” the company said regarding its talks with the NIOC for development of Azar oilfield.

--------------Iran ready to develop Azar oilfield

Iran says the offshore oil and gas company, StatoilHydro has not confirmed if it will hold back on development of the nation’s Azar oil field, Press TV reported.

“In case StatoilHydro decided to refuse developing the Azar oilfield in the Anaran block, Iran will use domestic contractors to develop the field as it did in the Azadegan oilfield,” Iranian Oil Minister Gholam-Hossein Nozari told reporters.

North Hydro, before being merged with Statoil, discovered the Azar oilfield and has stressed the development of the field, he added.

Under heavy US pressures StatoilHydro chief executive Helge Lund announced on Friday that the Norwegian company will not invest in new projects in Iran.

“We have been evaluating our investment decisions and, having informed the authorities in Norway and the European Union and discussed the issue with the US, our view is that this position is in the best interests of shareholders and the company,” Lund said.

Iran and Statoil had finalized their negotiations on the development of the Anaran block’s Azar oilfield, in which Russian Luke Oil Company holds a 25 percent stake.

Nozari said many foreign oil companies are interested in investing in Iran’s energy sector and that, if StatoilHydro were serious about withdrawing from the Azar oilfield, Iranian contractors were capable of developing the field

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