Tehran, (IANS) : National Iranian Oil Company (NIOC) and the Russian Tatneft signed a Memorandum of Understanding (MoU) here on Saturday for feasibility studies on development of Iran’s Deholoran oil field, Iran’s Petro-Energy Information Network (SHANA) reported.

Addressing the signing ceremony, Director General of Tatneft Nail Ulfatovich Maganov introduced the capabilities of his company for doing the project and said that his company is active in various oil industry subsidiaries, including the upstream and downstream activities.

Oil extraction, enhanced oil recovery, oil refining, manufacturing of machinery and equipment are among the expertise of Tatneft, Maganov was quoted as saying.

Tatneft uses specialized forces and takes advantage of the latest technologies in oil industry, Maganov said.

He voiced satisfaction for cooperating with the NIOC, expressing hope that the agreement will prepare the ground for future cooperation.

Dehloran oil field is 22 km to the southwest of Dehloran city in Iran’s Ilam province and contains about five billion barrels of oil reserves.