Signing of a Cooperation and Investment Memorandum of Understanding for the Development of the Shadegan Oil Field on the Sidelines of the Tehran International Oil, Gas, and Petrochemical Exhibition
On the sidelines of the Tehran International Oil, Gas, and Petrochemical Exhibition, a Memorandum of Understanding (MoU) for cooperation and investment was signed on May 10, 2025, between Negin Afagh Kish Energy & Oil Development Company and Asmari Kish Energy Company, representing Petro Omid Asia Holding.
The MoU was concluded with the objective of participating in the development of the Shadegan Oil Field and strengthening strategic cooperation within Iran’s upstream oil sector. Under the terms of the agreement, Asmari Kish Energy Company, acting on behalf of Petro Omid Asia Holding, will collaborate with TENCO, which holds a 50% share in the investment and development of the project.
The Shadegan Oil Field is recognized as one of the country’s significant oil assets, and its development is expected to play an important role in increasing production capacity, enhancing operational efficiency, and supporting the strategic objectives of Iran’s oil industry. This partnership has been established to leverage the technical, managerial, financial, and operational capabilities of both parties and accelerate the field’s development program.
It is noteworthy that the main development contract for the Shadegan Oil Field was signed on February 17, 2022, between the National Iranian Oil Company (NIOC) and a consortium consisting of Negin Afagh Kish Energy & Oil Development Company and Dabija Aktivy Vostok. The signing of this MoU represents a significant step toward strengthening the project’s investment structure, securing financial resources, and enhancing its execution capabilities.
During the signing ceremony, both parties emphasized the importance of the efficient development of the country’s hydrocarbon resources and expressed confidence that, through their combined expertise and joint investment, they will contribute to accelerating the implementation of the Shadegan development program and achieving the objectives defined for this national project.
This Memorandum of Understanding reflects the strong commitment of both organizations to expanding long-term cooperation, maximizing the use of domestic capabilities, and actively participating in the implementation of strategic oil and gas projects. It is expected to create sustainable value for stakeholders while contributing to the continued growth and development of the country’s energy sector.