Russian Zarubezhneft signs MoU with Iran on oilfield study

Business Materials 17 July 2017 12:55

Baku, Azerbaijan, July 17

By Fatih Karimov– Trend:

National Iranian South Oil Company (NISOC) and Russian Zarubezhneft signed a memorandum of understanding based on which the latter will conduct a study over Iran’s Shadegan and Rag Sefid oilfields.

Under the MoU, the Russian side will prepare a development plan for the oil fields, based on the NISOC contract framework confirmed by Iran's Oil Ministry, the NISOC said July 17.

Zarubezhneft should submit its proposal for the fields’ development to the NISOC within nine months.

The NISOC, Iran's largest oil company, produces about 83 percent of crude oil and 16 percent of natural gas in the country.

The company has earlier signed deals with various firms including Schlumberger, Tatneft, Tenco (affiliated to IRGC), Pergas (a consortium of international companies), MAPNA Group and Persia Oil & Gas Industry Development Co. for carrying out development studies of four fields of Parsi, Karanj, Rag Sefid and Shadegan, including nine oil reserves.

The nine reserves include Asmari, Pabdeh and Khami in Karanj field, three reserves in Asmari, Bangestan and Khami in Rag Sefid field, Asmari field in Parsi field and two reserves of Asmari and Bangestan in Shadegan field.