National Iranian Oil Company (NIOC) and state-owned Russian giant oil company Zarubezhneft have inked a non-disclosure agreement whereby the Russian side will conduct studies on two Iranian oil fields, Iranian PressTV reported. Managing Director of NIOC, Ali Kadour, said that the Russian company will study West Paydar and Aban oil fields and will present its proposals to increase the recovery rate of both fields to the NIOC, according to Financial Tribune.
Aban and West Paydar oil fields are located in the province of Khuzestan, shared with Iraq, and represents one of the country’s largest energy projects in the post sanctions era.
Further, Zarubezhneft had earlier announced that it is willing to develop the Changuleh major oilfield in western Iran which it said could be brought online with an investment of $2.2b.
In an attempt to enhance energy ties, Russia’s Energy Minister, Alexander Novak, had said last October that Zarubezhneft will take up several other projects in Iran’s oil industry worth a total of $6b.