BAKU, Azerbaijan, May 16. The National Iranian South Oil Company (NISOC) signed two contracts and a memorandum with the Research Institute of Petroleum Industry of Iran on May 14, 202. Trend reports citing Shana News Agency.
The documents were signed by the CEO of NISOC Alireza Daneshi, and Rector of the Research Institute of Petroleum Industry Jafar Tofighi, on the sidelines of the 26th International Oil, Gas, Refining and Petrochemical Exhibition.
According to the report, the cost of the memorandum of cooperation on various Iranian oil fields is 1 trillion rials (about $23.8 million). Within the framework of this memorandum, the two sides will cooperate in the research of oil fields.
Also, the two sides signed a contract on geophysical research in the Aghajari oil field. The contract is worth 410 billion rials (about $9.76 million).
In addition, a contract was also signed between the two sides to find a solution to prevent oil spills in the Aghajari oil field. The contract is worth 268 billion rials (about $6.38 million).
Iran's Aghajari oil field is located in the Khuzestan Province (south-western Iran). The field reportedly contains more than 26 billion barrels of crude oil. Iran extracts an average of 170,000 barrels of crude oil per day.
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