Russia's oil giant, Lukoil, has started negotiations with the National Iranian Oil Company (NIOC) to explore and develop oil and gas fields in the Caspian Sea, Press TV reported Saturday.

Lukoil has expressed desire to return to Iran's energy market in light of eased sanctions against the country, said Russian ambassador to Tehran Levan Dzhagaryan, who gave no further details.

Lukoil had been in talks for oil exploration in Anaran block in northern Iran before it pulled out of the project due to imposition of sanctions against Tehran's energy sector by the United States and the European Union.

Iran urged oil giants to invest in its oil and gas industries at the World Economic Forum in Davos, Switzerland, last month.

Since the new government took office, Iran's Oil Ministry has focused efforts on regaining Iran's status in the international markets.

Iranian Oil Minister Bijan Namdar Zanganeh said in December that the ministry had prepared a roadmap for investment in oil and gas industries for the next eight years and it planned to attract 70 billion US dollars for investments in the sectors.