TEHRAN- Iran inked two memorandums of understanding (MOUs) on three of its oil and gas fields with Russian and Japanese companies in Tehran on Monday, National Iranian Oil Company (NIOC) announced.

An MOU was signed between National Iranian South Oil Company (NISOC), a subsidiary of NIOC, and Russia’s state-controlled oil company Zarubezhneft on studying two oilfields in Iran. 

The MOU was signed by Hamid Derris, a director in NISOC, and Ilyus Khamitov, a director in Zarubezhneft.

Based on the MOU, conducting development studies on Rag Sefid and Shadegan oil fields in Iran’s southwestern Khuzestan province is handed over to Zarubezhneft.

The Russian company is committed to submit the results of its studies to NISOC within nine months as of signing the MOU.

NIOC signed the other MOU with Iran’s Petropars Group and Japan’s Toyo Engineering Corporation on rehabilitation of facilities and upgrading gas production from Salman gas field in the Persian Gulf.

The MOU was signed by Gholam-Reza Manouchehri, NIOC’s deputy managing director for development and engineering, Hiroshi Sato, Toyo’s director of energy business unit, and Hamid Akbari, Petropars’ managing director.

“The deal, in the form of a heads of agreement (HOA), will be signed in near future,” the report said.

Based on the MOU, Petropars will finance the study phase of the project and Toyo will fund the execution phase.

EF/MA