Russians to Perform Survey on Two Southern Oil FieldsTEHRAN (NIOC) _ The National Iranian South Oil Company (NISOC) and Russia’s Zarubezhneft have signed a memorandum of understanding to develop two oil fields in southwest Iran.
The agreement allows the state-run Russian company to conduct technical surveys on Shadegan and Rag Sefid fields in Khuzestan Province.
NISOC Managing Director Bijan Alipour, who signed the agreement, said Zarubezhneft had undertaken to submit its development plan for enhancing oil recovery from the fields within nine months.
Rag Sefid was discovered in 1964 and is estimated to hold 16.5 billion barrels of reserves. Production from Shadegan near Ahvaz started in 1988 and the field is currently producing 70,000 barrels of oil a day.
Alipour said NIOC and Zarubezhneft are further negotiating raising production from Aban and West Paydar oil fields.
The contract with the Russian entity, he said, foresees transfer of technology besides financing of the projects.
Russian companies have signed a record number of oil and gas contracts with Iran since the lifting of sanctions on Iran.