PETRONAS today signed a memorandum of understanding (MoU) with the National Iranian Oil Company (NIOC) to collaborate in a field study in South Azadegan and Cheshmeh Khosh oilfields.

The signing took place at NIOCs headquarters here in Tehran on Wednesday.

Under the MoU, a study will be conducted for a period of six months, and is expected to be concluded in the second quarter of 2017.

Signing on behalf of PETRONAS was Anuar Taib, executive vice president and CEO of upstream of PETRONAS, while from NIOC, Gholamreza Manouchehri, deputy managing director in engineering and development, signed the deal.

"We would like to thank NIOC for the opportunity as the MoU is an important milestone for both PETRONA and NIOC. Iran has provided an opportunity for growth in the Middle East beyond you current footprint in Iraq," said Anuar during the ceremony.

"We will bring our capabilities and expertise in oil and gas to Iran and look forward to a successful partnership with NIOC," he added.