Oil firms Equinor and Rosneft expect to extract some 250 million barrels of oil and 23 billion cubic meters of gas during the first part of the development of the Severo-Komsomolskoye oilfield in Russia, Equinor said on Dec. 23.
Rosneft holds a 66.67% stake, and Equinor holds the remaining 33.33%, in the joint venture company SevKomNeftegaz that owns the license.
Equinor did not say how much it would invest in the project.
The fall in oil exports has starved the socialist government of President Nicolas Maduro of its main source of revenue, contributing to an economic collapse.
Draft law would require import pipelines to not be owned directly by suppliers.
All countries that were granted waivers from the U.S. to continue buying a certain amount of Iranian oil imports are complying with U.S. sanctions, a senior Iranian energy official said, noting that Tehran was hopeful to find new buyers.