The Memorandum of Understanding (MoU) was signed on the sidelines of Iran Oil Show 2017 in Tehran between National Iranian Oil Company (NIOC) and Philippine National Oil Company Exploration Corporation (PNOC-EC).

Deputy Head of NIOC for Development and Engineering Affairs Gholamreza Manuchehri sealed the agreement for the Iranian side.

The MoU pertain to carrying out development studies in Pazanan oil field as well as the third phase of Darkhoein oilfield.

Speaking at the MoU-signing ceremony, Manouchehri said a total of 24 development study agreements have been inked do far 20 of which have foreign companies at one end.

Under these agreements, upstream studies in various sectors of oil industry will be reviewed from the perspective of international companies, noted the official, our research priorities include boosting recovery factor and increased output from the Iranian fields.

He said the added crude production capacity in western and southern field had reached three million barrels per day.

Darkhoein oilfield is located at 30 km north of Khorramshahr and 100 km south of Ahvaz, southern Iran. Italian giant Eni and Iranian firm Naftiran Intertrade Co. (NICO) have signed buyback contracts to develop the first and second phases of the field. The oilfield is expected to yield 1.29 billion barrels of oil in a 30-year period. The field has a reservoir of about 3.6 billion barrels of in-place oil.

Pazanan oil field is an Iranian oil and natural gas field that is located in 170 km South East of Ahvaz in Khuzestan province of Iran and between Aghajari and Bibi Hakimeh fields. Being one of huge retrograde gas condensate reservoir in Iran, Pazanan oilfield is estimated to have a total proven reserves of around 50 trillion cubic feet and production is slated to be around 750 million cubic feet/day and around 31000 bpd.

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