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Iran, Poland sign deal to co-op in upstream oil sector

Business Materials 5 November 2016 15:25 (UTC +04:00)

Baku, Azerbaijan, Nov. 5

By Fatih Karimov – Trend

The National Iranian Oil Company (NIOC) has signed a document with Polish Oil And Gas Company, PGNiG to cooperate in upstream oil sector, Gholam Reza Manouchehri, the deputy managing director of the NIOC, said.

Managing director of PGNiG, Piotr Wozniak and Manouchehri were the signatories to the Memorandum of Understanding (MoU).

Under the signed MoU, the Polish company will undertake studies in Iran’s western Soumar oil field for six months, Manouchehri said, Mehr news agency reported Nov. 5.

Once the Polish company finalized the studies, it will submit a proposal for the field’s development, he added.

After that, the parties will sign a deal for Soumar oil field’s development, Manouchehri said.

Meanwhile oil ministry's SHANA news agency quoted Manouchehri as saying the main strategy of the NIOC is to offer the project for development of the field through a tender.

Manouchehri further expressed hope that inking of the MoU will result in more engagement between the two sides.

Soumar oil field has reserves of 475 million barrels of oil, of which 70 million barrels are recoverable.

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