Deal includes framework for use of enhanced recovery on Cheshmeh Khosh and Band-e-Karkheh fields
Austrian energy group OMV has signed a memorandum of understanding (MoU) with National Iranian Oil Company (NIOC) to evaluate oil fields in the Zagros area of western Iran.
The agreement, which also foresees cooperation in technology research and oil swaps, will assess oil fields for potential future development.
The two companies have also signed a joint study agreement for the evaluation of potential oil and gas prospects in the Fars region of southern Iran.
Johann Pleininger, the OMV board member responsible for upstream development, said the MoU includes a framework for the use of the Austrian groups enhanced oil recovery (EOR) technology for the Cheshmeh Khosh and Band-e-Karkheh fields.
International oil companies are still awaiting the launch of the new Iran Petroleum Contract (IPC), which will set out new terms to attract investment to the Islamic Republics oil and gas sector. In early May, the countryss deputy petroleum minister said the IPC would be ready by July.
In March, OMV and US-based Occidental Petroleum signed a four-year deal to evaluate several undeveloped oil and gas fields in the North West Offshore area of Abu Dhabi.
You might also like...
Iraq signs deal to develop the Akkas gas field
25 April 2024
Emaar appoints beachfront project contractor
25 April 2024
Acwa Power signs $356m Barka extension
25 April 2024
AD Ports secures Angola port concession agreement
25 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.