Russia’s Gazprom Neft signs MoU to study two oil fields in Iran

Russian oil producer Gazprom Neft has signed a memorandum of understanding (MoU) with the National Iranian Oil Company to study two key oilfields located in the west of Iran.

Russian Energy Minister Alexander Novak and Iranian Petroleum Minister were present at the event.

Under the deal, Gazprom Neft, a subsidiary of Russian oil giant Gazprom, will study the development of Changuleh and Cheshmeh Khosh oil fields situated at the Ilam province.

Iran has already signed similar MoUs with Norway’s oil and gas operator DNO ASA and Thailand’s PTT Exploration and Production Public Company Limited (PTTEP) to conduct a study on the Changuleh field.

Situated at the Iran-Iraq border, Changuleh is known as one of the top emerging oil projects of the country.

Iran oil officials previously stated that this field can be linked with the adjacent Azar field.

Azar and Changuleh were discovered in 2005 during the explorations conducted by a team of Russia’s Lukoil and Norway’s Statoil. Both these fields along with Iraq’s Badra are estimated to host more than 3.5 billion barrels of oil.

The second field, Cheshmeh Khosh, was discovered in 1975 but the production from this field is yet to begin.

It is estimated that this field will produce 18,000 barrels per day (bpd) and 115 million cubic feet per day (mcf/d) of natural gas.

Austrian oil major OMV was previously interested in developing the Cheshmeh Khosh oil field but abandoned its plans due to the US-imposed sanctions.

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Image: Officials sign MoU. Photo: Courtesy of National Iranian Oil Company.