IRNA – National Iranian South Oilfields Company and Russia’s Zarubezhneft here Monday signed a new Memorandum of Understanding (MoU) for oil field study in Iran.

According to the agreement, Zarubezhneft company will study two Iranian oil fields of Shadegan and Rag-e Sefid in the southwestern province of Khuzestan.

Based on the agreement, Russia’s Zarubezhneft is committed to present its proposal for development of the two Iranian oil fields in a maximum of nine months.

The MoU on the study of Shadegan and Rag-e Sefid oil fields is the eighth agreement signed between National Iranian South Oilfields Company and Russia’s Zarubezhneft.

Two other Russian companies of Gazprom and Rosneft have already inked agreement with Iran for oil field study, but they have not reached the final deal yet.