National Iranian Oil Company and the Russian "Tatneft" revived cooperation agreement

Tehran. June 20. Silkroadnews - National Iranian Oil Company (NIOC) and the Russian company "Tatneft" revived a memorandum on mutual cooperation signed by the parties in 2011, the Iranian News Agency (IrTAG).
"Our talks with the company Tatneft were fruitful, and we will continue our joint cooperation on the basis of previously signed agreements," - said the NIOC director of Research and Technology Ali Emadi after a meeting with representatives of both companies in Moscow.
Recall, IrTAG sides were forced to suspend the implementation of the agreement after the introduction of Western sanctions against the Islamic republic and energy complex.
It should be noted that the agreement amounts to $1 billion, and it involves the design and development of the field Zageh located in south-west of Iran.
It is expected that oil production from this field will begin within the next two years in the amount of 7 thousand barrels of crude oil per day, with a consequent increase in production to 55 thousand barrels per day.