Iran Mulls Forming Consortium with Indian. Russian Oil Companies

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The Iranian Industrial Development and Renovation Organization is mulling over forming a consortium with ONGC Videsh of India and Russian energy company Zarubezhneft. IDRO CEO Nasrollah Zarei said.

Iran`s IDRO Group and India`s ONGC Videsh signed a memorandum of understanding on Tuesday to jointly develop the Susangerd oil field in southwestern.

IDRO is considering entering a similar agreement with Russian company Zarubezhneft. Zarei. Group`s Managing Director. said in the margin of the ceremony held for the signing of the MoU.

He said that IDRO is considering forming a consortium with the Indian and Russian companies.

Zarei added that the National Iranian Oil Company will also participate in developing the Susangerd oil field. while IDRO and an Austrian company will undertake upstream studies.

Initially it has been estimated that the daily production in the field will stand at 30.000 barrels. he said.

Susangerd oil field is located 45 Kms west of the city of Ahvaz in Khuzestan Province.