Indian ONGC Videsh Ltd. (OVL) signed a memorandum of understanding (MOU) on Tuesday with Gostaresh Iranian Oil and Gas Industries Development Company (also known as IDRO Oil) for cooperation in developing Susangerd oil field in southwest Iran.

“Since IDRO Oil has inked a similar MOU with Russia’s Zarubezhneft, the aim of this new MOU with the Indian side is to consider the possibility of forming a consortium to develop the field,” IRNA quoted IDRO Oil’s Managing Director Nasrolah Zareie as saying after the signing ceremony.

Earlier in January, National Iranian Oil Company (NIOC) awarded the study of Susangerd field to IDRO Oil and a few days after, IDRO Oil inked a consultancy contract with Austrian Hot Engineering Group to cooperate in preparing the Measure Development Plan (MDP).

According to IDRO Oil’s managing director, in the past few months the company has held talks with several companies, in order to attract necessary funds and technology for development of the field.

“Considering the taken measures, it is expected that the field’s MDP will be presented to NIOC by the end of the current Iranian calendar month (March 20),” Zareie said.

Susangerd Oil Field is located 45 kilometers off northwest of Ahvaz City in Khuzestan province, southwest of Iran.

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