OMV signs MOU for fields in Iran

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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...