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.