Oil Industries Engineering & Construction (OIEC) has signed a memorandum of understanding (MoU) with Russian oil producer Gazprom Neft to jointly undertake studies with regard to oil fields located in Iran.
Under the MoU, the parties will take up the preliminary assessment and investigation of the geological potential of the oil fields.
The signatories to the agreement will also engage in joint consultations with the National Iranian Oil Company (NIOC) on the evaluation, exploration and development of assets offered to investors, in addition to exploring further opportunities for cooperation in Iran.
According to the official state news agency of the country, Islamic Republic News Agency (IRNA), the MoU is in relation to the development of oil fields of Azar and Changuleh in Iran.
The Azar field is located in the thrust belt along the Iran-Iraq border, with a total length of more than 36.5km including the extension in Iraq, while the Iranian side covers about 13.5km.
Located in the Anaran exploration block in the foreland basin of the Zagros fold, the field has a designed production capacity of 65,000 barrels of oil per day (bopd), 30,000 of which is expected to be produced in the first stage.
In November last year, NIOC reached an MoU with Norway’s oil and gas company DNO ASA regarding the development of the Changuleh oil field, which has an estimated oil-in-place of more than two billion barrels.
Image: OIEC CEO Behzad Mohammadi and Gazprom Neft first deputy CEO Vadim Yakovlev. Photo: courtesy of Oil Industries Engineering and Construction.