SHANA -- Russia's Zarubezhneft submitted the result of its studies on Iran's Shadegan Oilfield to National Iranian South Oil Company (NISOC).

Hamid Deris, the NISOC's director for technical affairs, said his company has so far signed 5 memoranda of understanding (MoUs) with several companies for development of the field of which 3 have so far presented their proposed development plans.

He said a master development plan is being provided based on the proposed plans submitted by the candidate developers for the project.

NISOC and Zarubezhneft signed an MoU in July for the latter to carry out projects about developing Iran's Shadegan oilfield.

The Shadegan oil field is an oil field located in Khuzestan Province, in the south west of Ahvaz City. It was discovered in 1968 and the production was started after installing production facilities in 1988. The field has 23 km in length 6 km in width and includes two Asmari and Bangestan reservoirs and currently with 20 active wells, oil production is about 69,000 barrels per day (11,000 m3/d).

JSC Zarubezhneft is a Russian state-controlled oil company based in Moscow that specializes in exploration, development and operation of oil and gas fields outside Russian territory. Sergey Kudryashov is the company's General Director and Nikolay Tokarev is chairman of the board.