On Tuesday, February 21, 2017, MAPNA Group and the National Iranian South Oil Company signed a memorandum of understanding and a non-disclosure agreement for development of three oil fields in southern Iran.

The MoU and NDA concern study for development of Karanj (Asmari, Pabdeh, and Khami reservoirs), Rag Sefid (Asmari, Bangestan, and Khami reservoirs), and Parsi (Asmari reservoir) oilfields located near Ahwaz, center of Khuzestan Province.

Abbas Aliabadi, President and Chairman of MAPNA Group, and Hamid Deris, the NISOC manager for technical affairs signed the documents in Ahwaz on Tuesday.

The MoU and NDA were signed following designation of MAPNA Group as a qualified E&P company for development of Iran’s energy fields by Iran’s Ministry of Petroleum in July 2016.

The MoU signed between MAPNA and NISOC draws on a contract model recently devised by National Iranian South Oil Company and ratified by National Iranian Oil Company (NIOC).

MAPNA is ought to conduct the study for development of these fields within six months.

The National Iranian South Oil Country currently produces 83 percent of Iran’s total daily oil output and 16 percent of its gas production. This equals a daily production of three million barrels of oil, 800 million cubic feet of natural gas, and 150 thousand barrels of natural gas condensate.

 

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