PNOC EC signed a Memorandum of Understanding (MOU) with National Iranian Oil Company (NIOC)

PNOC EC  recently  signed a  Memorandum of  Understanding (MoU)  with the  National Iranian Oil  Company (NIOC) to   conduct the preliminary review, evaluation, assessment of the following proposed projects, namely:  (1)  Investment for the development of Pazanan  (oil and gas) Fields and 3rd phase of Darquain Field to supply gas to the proposed LNG liquefaction plant; (2) investment for the construction of an LNG liquefaction plant in Iran; (3) supply of oil as feedstock of the proposed refinery in Mindanao, Philippines.

The MoU signing was held during the Iran Oil Show in Tehran last 08 May 2017.

Deputy Head of NIOC for  Development  and  Engineering Affairs Dr.  Gholamreza Manouchehri signed for NIOC and PNOC EC  President Pedro A Aquino, Jr. sealed the agreement for PNOC EC.

Darquian oilfield is located at 30 km north of Khorramshahr and 100 km south of Ahvaz, Southern Iran. The field has a reservoir of about 3.6 billion barrels of in-place oil.

Pazanan oil field is an Iranian oil and natural gas field that is located in  170 km  South East  of  Ahvaz in  Khuzestan  province of  Iran  and  between Aghajari and Bibi Hakimeh fields. Being one of huge retrograde gas condensate reservoir in Iran, Pazanan oilfield is estimated to have a total proven reserves of around 50 trillion cubic feet and production is slated to be around 750 million cubic feet/day and around 31000 bpd.

The refinery in Mindanao is projected to be built and put into operation within the next three years.