Iran signs MoU with Thailand to study 3 oil, gas fields

Business Materials 6 December 2016 17:41 (UTC +04:00)

Baku, Azerbaijan, Dec. 6

By Fatih Karimov – Trend:

The National Iranian Oil Company (NIOC) signed a memorandum of understanding with Thailand’s PTT Exploration and Production to study three oil and gas fields.

The deal was signed by Prapat Soponpongpipat, executive vice president of PTTEP, and Gholamreza Manouchehri, deputy head of the NIOC for development and engineering affairs, on Dec. 6, SHANA news agency reports.

Under the MoU, the Thai firm will undertake studies in Iran’s Dalpari, Belal and Changouleh fields and will submit the study results and development proposals to the NIOC within six months.

Soponpongpipat expressed hope that the signed MoU will pave the path for strategic and long-term cooperation between the two oil companies.

He said the PTTEP will employ all of its capabilities in studying the three fields, underlining that the Thai firm hopes the MoU will lead to an agreement, at least on one of the fields.

Iran has recently handed over the study of several oil and gas fields to foreign companies under non-disclosure agreements (NDA).