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EghtesadOnline: The Philippines’ state oil company, PNOC, signed a memorandum of understanding on Monday to study Iran’s Paznan Khami and Darkhoveyn oilfields in southern Khuzestan Province.

The agreement was signed in Tehran by Gholamreza Manouchehri, deputy for development and engineering affairs at the National Iranian Oil Company and Pedro Aquino, Chief Executive Officer of PNOC, the Oil Ministry news service Shana reported.

“Signing such agreements with the NIOC is a major step forward for PNOC,” Aquino said, expressing hope that the two sides will expand cooperation in oil and gas sectors.

According to Manouchehri, his company has already concluded 24 MoUs with domestic and international giants to carry out studies on various onshore and offshore fields, Financial Tribune reported.

“A total of 75 oil and gas field development proposals are expected to be presented to the NIOC, of which 20 have been submitted so far,” he said, adding that most agreements are aimed at increasing the recovery rate of oilfields in Khuzestan’s West Karun oil block.

Another MoU was signed between the NIOC and the Industrial Development and Renovation Organization of Iran on Monday, based on which IDRO will study Cheshmeh Khosh oilfield in Ilam Province in addition to Sousangerd and West Paydar fields in Khuzestan.

The fields are reportedly being studied by international majors, namely Malaysia’s Petronas and Austria’s OMV.

Acording to reports, Total S.A., Gazprom, Lukoil as well as Asian companies like CNPC, Inpex, KOGAS, Wintershall of Germany and Norway’s DNO are among names surveying  Iran’s hydrocarbon reserves.

Iran Oilfields PNOC Iran-Philippines cooperation