*Tehran – The Iranian Industrial Development and Renovation Organization ismulling over forming a consortium with ONGC Videsh of India and Russianenergy company Zarubezhneft, IDRO CEO Nasrollah Zarei said.*

Iran’s IDRO Group and India’s ONGC Videsh signed a memorandum ofunderstanding on Tuesday to jointly develop the Susangerd oil field insouthwestern, IRNA has reported.

IDRO is considering entering a similar agreement with Russian companyZarubezhneft, Zarei, Group’s Managing Director, said in the margin of theceremony held for the signing of the MoU.

He said that IDRO is considering forming a consortium with the Indian andRussian companies.

Zarei added that the National Iranian Oil Company will also participate indeveloping the Susangerd oil field, while IDRO and an Austrian company willundertake upstream studies.

Initially it has been estimated that the daily production in the field willstand at 30,000 barrels, he said.

Susangerd oil field is located 45 Kms west of the city of Ahvaz inKhuzestan Province.