Iran signs MoU with Philippines on oil field study
Baku, Azerbaijan, May 8
By Fatih Karimov – Trend:
The National Iranian Oil Company (NIOC) signed a memorandum of understanding with Philippine National Oil Company (PNOC) to study two oil fields in Iran.
The deal was signed by Gholam Reza Manouchehri, deputy head of NIOC, and Pedro A. Aquino, head of PNOC, on May 8 in Tehran, Shana news agency reported.
Under the MoU, the PNOC will undertake studies in Iran’s Pazanan oil field as well as third development phase of the Darkhovein oil field and will submit its feasibility studies to NIOC.
Darkhovein’s third phase aims at production of 110,000 bpd of crude and 210 mcmd of gas.
The Pazanan oil field is one of the huge retrograde gas condensate reservoirs in Iran. Oil production at the field is around 31,000 bpd.
Manouchehri said NIOC has signed 24 MoUs so far on feasibility studies with foreign and domestic companies.
The company’s study priority is enhanced oil recovery from the fields, he added.