Mehr News Agency reported that Iran’s Petroleum Engineering and Development Company and Russia’s Gazprom signed MoU for development of Azar oilfield in west of Iran.

As per report, based on the inked MOU, which was approved by National Iranian Oil Company, the Russian firm has to propose its plan of action in 3 months. Previously, NIOC was negotiating with Iran’s Oil Industries Engineering and Construction Company for the development of Azar oilfield as a result of Statoilhydro Company’s waver.

Norway’s Norsk Hydro and Lukoil worked together on an exploration contract for the Anaran block’s Azar oilfield located in Iran’s southwestern province of Ilam and discovered oil there in 2005. The companies later said the field holds 2 billion barrels of oil. Norway’s Norsk Hydro held 75% of the exploration license, while Lukoil held 25%.

The Azar field lies in Ilam province in western Iran and holds 400 million barrels of oil. Based on the reports the field could produce as much as 50,000 barrels of oil per day to 65,000 barrels of oil per day for 25 years.

(Sourced from Mehr News Agency)