The MoU was signed in a ceremony attended by visiting Oil Minister Bijan Namdar Zanganeh and the Head of the Russian oil company Lukoil Vagit Alekperov, IRNA reported.
The document focuses on exploration studies in the south part of the Caspian Sea, said Managing Director of Caspian Oil Company Mohsen Delaviz.
During the meeting, the two sides also underlined the need to develop cooperation in different oilfields.
Alekperov stated that promoting oil cooperation is in the interest of both sides.
Referring to the Gas Exporting Countries Forum (GECF) annual meeting which is underway in Moscow, Alekperov said Iran and Russia enjoy major status in the field.
Meanwhile, Zanganeh highlighted the importance of oil cooperation between Iran and Russia and said that the GECF meeting plays an effective role in reinforcing bilateral cooperation.
Iran, Russia, Algeria, Bolivia, Egypt, Equatorial Guinea, Libya, Nigeria, Qatar, Trinidad and Tobago, Venezuela and UAE are the main members of the GECF.
Netherlands, Norway, Iraq, Oman, Peru and Azerbaijan Republic have an observer status in the forum.
GECF member states hold 70 percent of the global gas reserves and are responsible for 42 percent of the world's gas production.