The two memoranda of understanding were signed in the presence of Iranian Oil Minister Bijan Zanganeh and Lukoil CEO Vagit Alekperove before their bilateral meeting in Moscow.
The contracts were signed after months of negotiations about geological explorations in the southern part of the Caspian Sea.
Iran’s Oil Minister Zanganeh was in Moscow to attend the 19th Ministerial Meeting of the Gas Exporting Countries Forum (GECF) on Wednesday, chaired by Russian Minister of Energy Alexander Novak.
Zanganeh highlighted the importance of oil cooperation between Iran and Russia, and deemed the GECF meeting highly effective in expanding energy cooperation between the two sides.
The Gas Exporting Countries Forum (GECF) is an international governmental organization which provides the framework for exchanging experience and information among Member Countries, including Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, United Arab Emirates and Venezuela. Azerbaijan, Iraq, Kazakhstan, the Netherlands, Norway, Oman and Peru are Observer Members.