National Iranian Oil Company (NIOC) has signed an initial agreement with Thailand's PTT Exploration and Production Public Company Limited (PTTEP) to study Changuleh oilfield, a report said.

PTTEP would have six months to study Changuleh as well as Balal and Dalamperi oilfields, Iran Daily reported, citing Shana.

The Oil Ministry would then decide on whether to award the project's development to PTTEP.

A similar agreement had earlier been signed with Norway's DNO for studying Changuleh which lies on Iran's border with Iraq, NIOC deputy managing director for Engineering and Development affairs Gholamreza Manouchehri, was quoted as saying in the report.

The target production of Changuleh is 50,000 bpd, according to the report.