Iran has signed contracts with Russia, Spain and Italy to step up exploration and study of its oilfields based on their geological and geophysical features, a report said.

The deal with Russia’s largest private oil firm Lukoil aims to geologically explore oil in the south-western Khuzestan province, exploration manager of the National Iranian Oil Company (NIOC) Hormoz Ghalavand was quoted in the Tehran Times report, which cited Shana.

The contract worth $6 million will be financed by Lukoil, he added.

NIOC signed a contract with Spain’s University of Barcelona for geophysical exploration and collaborative geological survey in southern Hormozgan province, Ghalavand said.

The project costs €2 million ($2.16 million), which will be provided by Spain, he added.

According to Ghalavand, Iran also concluded a contract with Italy’s University of Naples Federico II for geophysical exploration and collaborative geological survey in the western province of Kermanshah.

The Italian side would bear the entire cost of project which amounts to $4 million, he added.

Meanwhile, Italian oil giant Eni has proposed to develop Phase 11 of Iran’s giant South Pars Gas Field at a cost $4 billion, said Fars News Agency.

Eni expects to get the field up and running for production within 36 months.