Iran, Poland ink MoU for oil cooperation

EghtesadOnline: National Iranian Oil Company (NIOC) and PGNiG (major oil-gas company) of Poland signed a Memorandum of Understanding (MoU) for carrying out evaluating studies on an Iranian oil field.

News ID: ۷۷۱۰۳۰

06 November 2016

After the implementation of the JCPOA, international oil companies have taken action to ink MoUs with Iran to evaluate conditions of the country's oil fields.

French, German and Austrian companies have so far signed documents to study and evaluate conditions of the Iranian oil fields.

The latest MoU was signed by a Polish company to study for Sumar Oil Field in western Iran. Sumar oil field is Located in the western province of Kermanshah. It is estimated to have 475 million barrels of crude oil in place, 70 million barrels of which would be recoverable, according to IRNA.

The MoU was sealed by Deputy for Development and Engineering of NIOC Gholamreza Manouchehri and the C.E.O of PGNIG Piotr Wozniak.

Manouchehri said that PGNIG have a six-month-long time to study the oil field and present its report to NIOC.

The official added that final decisions for how to develop the oil field will be made after receiving the Polish company report. He said that NIOC's major strategy is to put the oil field in tender offer.

Meanwhile, Wozniak referred to PGNIG good experiences in the North Sea and Pakistan and expressed hope for further cooperation with NIOC in the future.