(Persia Digest) – An MoU has been signed between Iran's Industrial Development and Renovation Organization (IDRO) and the Indian Oil and Natural Gas Corporation Limited ONGC VIDISH for the development of the Susangerd oilfield in the southern Khuzestan Province of Iran.

IDRO CEO, Nasrollah Zare’ei, said: “A similar MoU has been signed with the Russian Zarubezhneft petrochemical company and, together with the MoU signed with India, we intend to form a consortium.”

He continued by forecasting that the steps taken will culminate in IDRO proposing the technical development of the oilfield to the National Iranian Oil Company (NIOC) by the end of March.

As reported by Persia Digest, the Susangerd oilfield is at a distance of 45kms from Ahvaz, the provincial capital of Khuzestan, southwestern Iran. It is a new oilfield where initial estimates indicate a 30-thousand barrels a day capacity for oil extraction during the second phase of operations. Initial estimates for the required investment in Susangerd oilfield has been announced at USD 900MM.

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