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Russia`s Gazprom Neft signed a memorandum of understanding (MoU) with Iran`s Oil Industries Engineering and Construction Company (OIEC) to help develop the country`s oilfields.
The MoU was signed between OIEC CEO Behzad Mohammadi and First Deputy CEO of Gazprom Neft Vadim Yakovlev.
The MoU aims to help Iran develop Azar and Changouleh oilfields. Azar oil field is located in Western province of Ilam along border with Iraq and in view of drilling and development is one of the most complicated hydrocarbons field in Iran and the world.
The two companies are going to follow up their cooperation within the framework of the new pattern of oil contracts.
In relevant remarks in late May. Iranian Oil Minister Bijan Zangeneh announced that his ministry had signed a contract with Russia`s energy giant Gazprom on the development of Farzad B gas field.
`In addition to Farzad B gas field. Iran has signed two other basic agreements with Gazprom on development of North Pars and Kish gas fields.` Zangeneh said.
The deal with Gazprom comes as over recent months Indian companies have been in talks with Tehran since 2009 for developing the Farzad B gas field. estimated to hold 21.68 trillion cubic feet (tcf) of gas in place. of which 12.8 tcf is recoverable.
Meanwhile. Indian media said Iran’s awarding Farzad B to Gazprom was in retaliation for New Delhi’s recent move to cut purchases of Iranian crude oil.
The volume cuts would put India`s imports of Iranian crude for this fiscal year at 370.000 barrels per day (bpd). India’s media reported.
With 137.6 billion barrels of proven reserves. Iran has the world’s fourth largest crude deposits. In terms of gas reserves. according to the 64th edition of the BP Statistical Review of World Energy released in June 2015. Iran is the world’s top gas reserves holder with 33.8 trillion cubic meters.
