Austria’s OMV signs MoU with National Iranian Oil Company

Loco SteveFlickrAustria’s integrated oil and gas company OMV has signed an MOU with National Iranian Oil Company (NIOC) to revive activities in Iran

The MoU concerns the evaluation and potential future development of various fields in the Zagros area in West Iran. It also details future cooperation in the area of technology research, crude and petroleum product swap business.

OMV CEO Rainer Seele said, “This memorandum of understanding 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.”

Apart from this, the two companies have also signed a joint study agreement for a two-year study work programme in the evaluation of the potential hydrocarbon prospects in the Fars area in Iran.

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