Iran’s NIOC Signs Major Oil Deal with Dutch Shell

Iran’s NIOC Signs Major Oil Deal with Dutch Shell

TEHRAN (Tasnim) – The National Iranian Oil Company (NIOC) has signed a memorandum of understanding (MOU) with energy giant Royal Dutch Shell over the development of several southern oil fields.

The MOU was signed between NIOC and Shell during a Wednesday ceremony in Tehran attended by NIOC Managing Director Ali Kardor, Hans Nijkamp, the head of the department for Iran affairs at Royal Dutch Shell, Gholamreza Manouchehri, the deputy for engineering and development affairs of the NIOC, and Iran's Deputy Oil Minister Noureddin Shahnazizadeh.

According to the document, Shell would be required to carry out studies on the development of the South Azadegan and Yadavaran oil fields as well as Kish gas field.

The fields are among the largest oil discoveries of the past 20 years. Expansion of the northern and southern Azadegan oil fields, as well as Yadavaran and north Yadavaran fields, are expected to raise Iran’s crude output by 300,000 bpd.

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