A senior team of National Iranian Oil Company officials began talks with a delegation from Russia's Gazprom Neft (SIBN.RS), the Iranian state news agency IRNA reported Tuesday.
Discussions will build on a memorandum of understanding that the NIOC signed with Gazprom Neft, the oil-producing subsidiary of gas monopoly OAO Gazprom (GAZP.RS), in April for the development of Iran's Shourom, Kouh Rig and Doroud oil fields, IRNA said.
The Gazprom Neft team's visit is part of a wider effort to discuss the development of phases 10, 20 and 21 of Iran's South Pars gas field, IRNA said.
Iran holds the world's second-largest gas reserves after Russia. However, development of Iran's natural gas reserves have long been hampered by U.S. sanctions.
IRNA reported that Gazprom Neft should finalize an informational review of the three oil fields within the next six to eight weeks, and submit a proposal before Iran's deadline.
Talks will also focus on the creation of an Iranian-Russian company, with participation by a third country, as well as on collaboration in natural gas storage and exports and the development of Iran's North Pars and Kish natural gas fields, IRNA reported.