IDRO-Oil and Zarubezhneft signs Oil MoU for Iranian oilfield

(NIOC) _ Gostaresh Iranian Oil And Gas Industries Development Company (IDRO-Oil) has signed a memorandum of understanding (MoU) with Russias Zarubezhneft for carrying out studies on Irans Susangerd oilfield. 

Following the signing of the document, IDRO-Oil managing director said his company has signed a memorandum of understanding (MoU) with the National Iranian Oil Company (NIOC) for carrying out studies on the field.

Accordingly, IDRO-Oil has signed this deal with the Russian company and Austria’s Hot Engineering as advisor for providing master development plant (MDP) of the project.

Given the measures taken so far for developing the project, IDRO-Oil will probably submit the result of its studies to NIOC by March, said Nasrollah Zarei.

He further emphasized the necessity of attracting investors and selecting a reliable foreign partner, adding, the company has held talks with numerous companies which have led to signature of the MoU with the Russian company.

According to Zarei, based on the talks between IDRO-Oil and Zarubezhneft, a joint specialized task force will be set up at the earliest possible time, and in the event of a final agreement between the two companies, they will engage in negotiations with NIOC for signing a final contract.

Susangerd oil field, located 45 km off the southwestern city of Ahwaz, is among the newly-discovered oilfields in Iran and according to preliminary estimates, will have the capacity of producing 30,000 b/d of crude oil.

Zarei also said that an investment of $900m will be needed for developing the field.