Iran's Petroleum Engineering and Development Company (PEDCO) has signed a memorandum of understanding with Gazprom for development of Azar oilfield, west of Iran.
In a statement posted Monday on the Iranian oil ministry's web site, PEDCO said it has given a three-months-deadline for the Russian company to offer a development plan for the oilfield.
"The signed memorandum was approved by National Iranian Oil Company," said the CEO of PEDCO, Naji Saadouni.
The head of the national oil company said earlier in October that drilling operations at the Azar oil field in southwest Iran could begin as soon as January.
Iranian officials say the field could produce as much as 55,000 barrels of oil per day.
The Azar oilfield lies in Ilam province in western Iran and is shared with neighboring Iraq. The Oilfield in Anaran Block may offer up to 2 billion barrels of crude oil.
Norway's Norsk Hydro and Lukoil worked together on an exploration contract for the oilfield and discovered oil there in 2005.
An Iranian oil official said earlier in May that as a result of Statoilhydro Company's waver, Oil Ministry officials have started negotiations with PEDCO for the development of Azar oil field.
StatoilHydro ASA is a Norwegian energy company, formed by the 2007 merger of Statoil with the oil and gas division of Norsk Hydro.
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