At the International Oil, Gas, and Petrochemical Exhibition in Tehran, a memorandum of understanding on cooperation and investment was signed between Negin Afaq Kish Energy and Oil Development Company and Asmari Energy Kish, acting on behalf of Petro Omid Asia Holding, on May 20, 2025.
This memorandum aims to establish a partnership for the development of the Shadgan oil field and to strengthen strategic cooperation in the upstream sector of Iran’s oil industry. According to the terms of the agreement, Asmari Energy Kish, representing Petro Omid Asia Holding, will collaborate with TENCO, which holds a 50% share in the investment and development of this project.
The Shadgan oil field is considered one of the country’s significant oil fields, and its development plays an important role in increasing production capacity, improving efficiency, and achieving the strategic objectives of Iran’s oil industry. This cooperation has been formed to leverage the technical, managerial, financial, and operational capabilities of the parties and to accelerate the development process of the field.
It is noteworthy that the main contract for the development of the Shadgan oil field was originally signed on February 17, 2022, between the National Iranian Oil Company and a consortium consisting of Negin Afaq Kish Energy and Oil Development Company and Dabija Aktiv Vostok. The signing of this memorandum represents an important step toward strengthening the investment structure, securing financial resources, and enhancing project execution capacity.
During the ceremony, the parties emphasized the importance of optimal development of the country’s hydrocarbon resources and expressed hope that, by relying on specialized expertise and joint investment, the conditions for accelerating the implementation of development programs for the Shadgan field and achieving the defined project goals would be provided.
This memorandum reflects the strong determination of both organizations to expand long-term cooperation, maximize the use of domestic capabilities, and actively participate in implementing strategic oil and gas projects. It is expected to create sustainable added value for stakeholders and the country’s energy industry.