Austria’s integrated oil and gas company OMV has signed a memorandum of understanding (MoU) with the National Iranian Oil Company (NIOC) in a bid to revive its activities in Iran.
The MoU has been signed to evaluate various oil and gas fields in the Zagros area in the west of Iran, for potential future development and also covers cooperation in the area of technology research, crude as well as petroleum product swap business.
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OMV CEO Rainer Seele said: "This MoU is an important first step in resuming OMV’s activities in Iran and in the long-term cooperation with the National Iranian Oil Company, building upon our previous positive experience in the country.
"We look forward to evaluating the opportunities of OMV in Iran and the cooperation with NIOC to evaluate whether there are areas of potential cooperation in the exploration and development of oil and gas."
OMV and NIOC have also signed a joint study agreement to assess the potential hydrocarbon prospects in Iran’s Fars area.
The two companies have already agreed a two-year study work programme for the area.
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By GlobalDataOMV upstream executive board member Johann Pleininger said: "This joint study agreement is the continuation of a long cooperation with NIOC. OMV and NIOC will combine their exploration expertise and knowledge to jointly evaluate the hydrocarbon prospects of the Fars area of Iran.
"We are also pleased to be able to use our pioneering expertise in improved oil recovery (IOR) / enhanced oil recovery (EOR) in Cheshmeh Khosh and Band-E-Karkheh fields within the framework of the signed Memorandum of Understanding."
