February 18, 2018 12:23
News ID: 1246

(Persia Digest) – The Industrial Development and Renovation Organization of Iran (IDRO) and Russian oil company Zarubezhneft signed an agreement to cooperate in the development of Susangerd oilfield.

According to the agreement signed by the directors of Gostaresh Iranian Oil and Gas Industries Development (IDRO OIL) and the Zarubezhneft of Russia, a joint expert task force is to be formed, and if a final agreement is reached, the two companies will work with Iran National Oil Company to negotiate and sign a development agreement.

“With actions taken regarding Susangerd oilfield, it is anticipated that in late February, the technical proposal for the development of this oil field will be presented to the National Iranian Oil Company by IDRO”, said Nasrollah Zarei, managing director of Gostaresh Iranian Oil and Gas Industries Development (IDRO OIL).

Zarei estimated the initial investment amount required for Susangerd oilfield at USD 900MM.

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