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07.11.2016 PGNiG and National Iranian Oil Company sign memorandum of understanding

On November 5, 2016 in Teheran PGNiG POlish Oil & Gas Company and the National Iranian Oil Company signed a memorandum of understanding about cooperation on Soumar oilfield. Geological resources of Soumar comprise about 475 million oil barrells. Following a geological and resource analysis that could take up about six months PGNiG will decide on potential investment.

On November 5, 2016 in Teheran PGNiG POlish Oil & Gas Company and the National Iranian Oil Company signed a memorandum of understanding about cooperation on Soumar oilfield. Geological resources of Soumar comprise about 475 million oil barrells. Following a geological and resource analysis that could take up about six months PGNiG will decide on potential investment.

We consider Soumar ledge to be very promising, and returning to cooperation with NIOC opens new exploratory opportunities – commented Piotr Woźniak, President of the Management Board at PGNiG SA.

Renewing of cooperation with NIOC comes after six-year break. In 2008-2010 PGNiG cooperated with Iranian Offshore Oil Company (IOOC) which is a subsidiary of NIOC. The cooperation related to natural gas resources in Lavan. In 2003-2007 works for NIOC were carried out by Geofizyka Toruń – a subsidiary of PGNiG.

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