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Iran`s Industrial Development and Renovation Organization (IDRO) plans to develop the Susangerd oilfield in the country`s southwest in partnership with a leading global company. said a top official.
Development &. Renovation Organization of Iran (IDRO)`>.IDRO received an Oil Ministry permit to conduct studies on the field in May. Mansour Moazzami. Development &. Renovation Organization of Iran (IDRO)`>.IDRO managing director was quoted as saying in an Iran Daily report. which cited Fars News Agency.
`We have chosen a reputable international partner for this job and after studies. we will have the development and exploration contract.` he added.
Moazzami estimated the investment at $800 million to $900 million without revealing its international partner.
Susangerd oilfield. which was discovered in 2009. is estimated to hold more than five billion barrels of in-situ oil reserves. the report said. citing officials.
