SHANA - Russia's oil giant TATNEFT has submitted the result of its studies on Iran's Shadegan oilfield to the National Iranian South Oil Company (NISOC).

The two majors signed a memorandum of understanding (MoU) for developing the field in March.

Besides TATNEFT, NISOC has signed similar documents with other companies for developing the field.

The Shadegan oil field is an oil field located in Khuzestan Province, in the south west of Ahvaz City.[1] 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).

TATNEFT is one of the largest Russian oil companies, being an internationally recognized vertically integrated holding.