Malaysia to help Iran in developing two oilfields

National Iranian Oil Company (NIOC) and Malaysia's Petronas (Petroliam Nasional Berhad) plan to sign a memorandum of understanding (MoU) on the development of Cheshmeh Khosh and South Azadegan oilfields.

Iran has already signed several agreements with France's Total, Britain's Royal Dutch Shell and Japan's Inpex Corporation to develop South Azadegan oilfield.

Moreover, NIOC will also sign another deal with the Malaysian side in order to perform studies to boost recovery factor in Cheshmeh Khosh field, the Fars News Agency reports.

In recent months, NIOC has sealed several MoUs with Austria’s OMV and Gazprom of Russia to increase recovery factor of Cheshmeh Khosh in the west of Iran.