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EghtesadOnline: Iran plans to assign development of seven oil fields to Russian companies, Iranian Oil Minister Bijan Zanganeh said Dec.13.

According to Trend news, He said that Russian companies would develop and increase the recovery rate of the fields.

Iran’s oil fields’ recovery rate is about 25 percent averagely, but some of giant fields like Yadavaran and Azadegan have about 6-7 percent recovery, ILNA reported.

Iran has already signed memorandum of understandings with Lukoil on studying Ab-Teymour and Mansouri fields which contain over 5 billion barrels of reserves.

Indonesian state-owned oil and gas company Pertamina and National Iranian Oil Company also signed an agreement to carry out a preliminary study on the mentioned fields in August 2016.

Zanganeh said that Iran has signed MoUs with Russian Zarubezhneft on West Paydar and Aban oil fields as well as Tatneft on Dehloran iol field.

Aban and West Paydar are both among the oil fields that Iran shares with Iraq. Russia’s Energy Minister, Alexander Novak had said last October that Zarubezhneft will take up several projects worth a total of $6 billion in Iran’s oil industry.

He also said that Iran and Gazprom signed MoUs on Cheshmeh Khosk and Changouleh fields on December 13.

All of the mentioned fields are among the 49 fields which Iran offered to foreigners based on the newly designed model contracts, called the Iran Petroleum Contract or IPC.

Bijan Zanganeh Iran-Russia cooperation Iran oil