Baku, Azerbaijan, July 15
By Fatih Karimov– Trend:
Iran’s government-owned IDRO (Industrial Development & Renovation Organization) will undertake development of the country’s Susangerd oil field, Mansour Moazzami, managing director of the IRDO said.
The company received permission to carry out studies for development of the oil field in May and has chosen a reputable international partner for this job, Moazzami said without unveiling the name of the company, Fars news agency reported July 15.
After studies, IDRO will sign a contract for development and exploration of the field as well, he added.
Moazzami put the investment value for the project at $800 million to $900 million.
Susangerd is estimated to hold more than 6 billion barrels of in-place oil reserves.
Last May, IDRO signed a memorandum of understanding with the National Iranian Oil Company (NIOC) to carry out studies for development and increasing oil recovery rate of Susangerd, Cheshmeh-Khosh and West Paydar oil fields.