TEHRAN (PEDCO) -- The National Iranian Oil Company (NIOC) signed three study memoranda with local E&P firms for the development of Azadegan Oilfield.
A ceremony was held in the presence of Iranian Minister of Petroleum Bijan Zangeneh and the NIOC CEO for signing three documents between NIOC and 5 Iranian exploration and production firms.
These three memorandums of understanding are between NIOC and Persia Oil and Gas Development Company to study the development of the northern part of Azadegan Field, NIOC and Petropars Group and Petroiran Development Company to study the development of the central part of Azadegan Field, and NIOC and Pasargad Energy Expansion and Dana Energy Company to study the development of the southern part of Azadegan Field.
Azadegan Field is the largest joint oil field in Iran, with an area of 1,500 square kilometers, and is located near the Iraqi border and about 80 kilometers west of Ahvaz. The in-situ oil reserves of this field are estimated at 32 billion barrels. The field is shared with Iraq’s Majnoon Field.