Six-month deadline to complete evaluation
National Iranian Oil Company (NIOC) has signed a memorandum of understanding (MoU) with Polish state-owned oil and gas firm PGNiG to study the Sumar oil field, located in the west of Iran.
The Polish firm has a six-month deadline to complete the study and provide NIOC with the result.
The final decision on the development of the field will be made once the studies are completed, said Gholam-Reza Manouchehri, NIOC deputy chief for development and engineering affairs, in comments reported by Shana, the state news agency allied with Irans energy sector.
The main strategy of NIOC is to offer the field development project through a tender, he added.
Bijan Alipour, managing director of National Iranian South Oil Company had suggested on 1 November that talks were under way with several European and Asian firms, including PGNiG on the possible signing of MoUs to develop Iranian oil and gas fields.
The Sumar field, located in the west of the Kermanshah province bordering Iraq, is estimated to contain 475 million barrels of crude, of which 70 million would be recoverable.
According to Iranian business daily Financial Tribune, oil from the field will be supplied to the nearby Kermanshah refinery.
PGNiG currently operates in Pakistan and is one of the several firms involved in talks to develop Irans energy sector, which is looking to attract foreign capital and expertise.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.