IDRO Oil signs MoU with Zarubezhneft for cooperation on Iranian oil field development

The Industrial Development and Revolution Organisation (IDRO) of Iran’s subsidiary Gostaresh Iranian Oil and Gas Industries Development Company (IDRO Oil) has signed a memorandum of understanding (MOU) with Russian oil company Zarubezhneft for cooperation on the development of Sousangerd oil field in south-west Iran.

Under the MoU, the parties will establish a joint technical committee.

Once the agreement is finalised, IDRO Oil and Zarubezhneft will engage in negotiations with the National Iranian Oil Company (NIOC) in order to win a final contract.

As part of the project, Austria’s Hot Engineering has been selected by IDRO Oil to offer services as consultant for providing master development plan (MDP) of the project.

IDRO Oil company CEO Nasrallah Zarei was quoted by IRNA as saying: “After signing an MoU on the development of Susangerd oil field with the Iranian National Oil Company (NIOC), and obtaining technical information, upstream field studies by experts of the company IDRO Oil and the company HOT ENG of Austria as a consultant in the preparation of MDP development of the field was on the agenda.”

The company expects to submit the result of its studies to NIOC by March this year.

Located 45km off the south-western city of Ahwaz, the Susangerd oil field is estimated to have the capacity of producing 30,000b/d of crude oil.

Last year, IDRO signed MoUs with the NIOC to undertake studies related to the development of Susangerd, West Paydar and Cheshmeh khosh fields.