Iran, Russia Sign Major Deal on Development of Oil, Gas Fields

Iran, Russia Sign Major Deal on Development of Oil, Gas Fields

TEHRAN (Tasnim) – High-ranking officials from Iran’s oil ministry and the giant Russian oil and gas company, Gazprom, signed a major deal on Tuesday to promote cooperation in the development of two oil fields in western Iran.

In a ceremony on Tuesday attended by Iranian Oil Minister Bijan Namdar Zanganeh and Russian Energy Minister Alexander Novak, the agreement to conduct studies for the development of Cheshme Khosh and Changouleh oil fields were signed between the two sides.

Earlier on November 16, the National Iranian Oil Company (NIOC) and Norwegian DNO ASA Co. had signed a memorandum of understanding (MoU), based on which, DNO agreed to start studies over Changouleh oilfield.

Changouleh is among 45 projects Iran’s Oil Ministry is presented for investment during a conference in London in September 2015. Development of this field is estimated at around $2.2 billion.

Cheshme Khosh oilfield is located in Dehloran, Ilam province, near the border with Iraq.

Iran shares oil and gas fields with most of its neighbors, including Iraq, Kuwait, Qatar as well as Oman and Turkmenistan.

Based on studies, there are 23 joint hydrocarbon fields between Iran and Iraq which are divided into exploration, development and production categories.

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