April 4 (Bloomberg) -- Petroleos de Venezuela SA, the state oil company, signed a memorandum of understanding to participate in 17 oil fields in Iran, according to an e- mailed statement from Venezuela’s Information and Communications Ministry.

The agreements were signed during a visit to Tehran by Venezuelan President Hugo Chavez. PDVSA, as the state-owned company is known, also agreed to participate in additional development of Iran’s South Park block.

Venezuela and Iran also signed an agreement to carry out a joint study of Iran’s Dobokubi oil field, the statement said.

To contact the reporter on this story: Matthew Walter in Caracas at mwalter4@bloomberg.net.

Last Updated: April 4, 2009 16:18 EDT