Austria’s OMV AG signed a memorandum of understanding in Tehran with National Iranian Oil Co. for evaluation of various fields in the Zagros area of western Iran.
OMV entered Iran in 2001 as operator of the Mehr exploration block in the Zagros fold belt in Khuzestan province (OGJ Online, Apr. 25, 2001). That led to the Band-E-Karkheh oil discovery in 2005 (OGJ Online, Jan. 14, 2005).
OMV said the MOU includes enhanced oil recovery in the Band-E-Karkheh and Cheshmeh Khosh fields.
Rainer Seele, OMV chief executive officer, has named Iran, Russia, and the United Arab Emirates as three main development areas in OMV’s upstream portfolio (OGJ Online, Feb. 18, 2016). Seele said the MOU “is an important first step in resuming OMV’s activities in Iran.”
The MOU also covers technology research and swaps of crude oil and products.
The companies also signed a 2-year study agreement for prospects in the Fars area in southern Iran.