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Russia signs deal to develop Iran's oil fields

Xinhua, December 14, 2016 Adjust font size:

Officials from Iran's Petroleum Ministry and the Russian oil and gas company, Gazprom, signed a major deal here on Tuesday to cooperate in the development of two oil fields in western Iran, Tasnim news agency reported.

Based on the agreement, studies will be carried out for the development of Cheshme Khosh and Changouleh oil fields.

The agreement was signed in a ceremony attended by Iranian Petroleum Minister Bijan Namdar Zanganeh and Russian Energy Minister Alexander Novak.

Changouleh is among 45 projects Iran's Petroleum Ministry presented for investment during a conference in London in September 2015. Development of this field is estimated at around 2.2 billion U.S. dollars.

Cheshme Khosh oilfield is also located in Dehloran, Ilam province, near the border with Iraq.

Iran shares oil and gas fields with most of its neighbors, including Iraq, Kuwait, Qatar as well as Oman and Turkmenistan.

Based on studies, there are 23 joint hydrocarbon fields between Iran and Iraq which are divided into exploration, development and production categories. Endit