Middle East Africa
Iran, Russian companies ink oil development deal
- Zarubezhneft company will study two Iranian oil fields within nine months, according to IRNA

The National Iranian South Oilfields Company and Russia's Zarubezhneft on Monday signed a new memorandum of understanding (MoU) to develop oil fields in Iran, Islamic Republic News Agency (IRNA) reported.

According to IRNA, Zarubezhneft will study two Iranian oil fields of Shadegan and Rag-e Sefid in the southwestern province of Khuzestan.

"Based on the agreement, Russia's Zarubezhneft is committed to present its proposal for development of the two Iranian oil fields to a maximum of nine months," IRNA reported.

National Iranian South Oilfields Company and Zarubezhneft have signed eight agreements including this MoU study.

Russian Gazprom and Rosneft have already inked an agreement with Iran for oil field studies, but they have not yet reached a final deal.

Last Monday, July 3, France's national energy company Total and the National Iranian Oil Company (NIOC) signed a contract for the development and production of phase 11 of the South Pars field (SP11).

Total is the operator of the SP11 project with a 50.1 percent interest while the Chinese state-owned oil and gas company CNPC has a 30 percent stake, and Petropars, a wholly-owned subsidiary of National Iranian Oil Company, holds a 19.9 percent interest.

By Huseyin Erdogan

Anadolu Agency



17 Jul,2017