Iran's Industrial Development and Renovation Organization (IDRO) plans to develop the Susangerd oilfield in the country's southwest in partnership with a leading global company, said a top official.

IDRO received an Oil Ministry permit to conduct studies on the field in May, Mansour Moazzami, IDRO managing director was quoted as saying in an Iran Daily report, which cited Fars News Agency.

"We have chosen a reputable international partner for this job and after studies, we will have the development and exploration contract," he added.

Moazzami estimated the investment at $800 million to $900 million without revealing its international partner.

Susangerd oilfield, which was discovered in 2009, is estimated to hold more than five billion barrels of in-situ oil reserves, the report said, citing officials.