OMV and Iranian Dana Energy sign Memorandum of Understanding

OMV, the international, integrated oil and gas company based in Vienna, and Dana Energy Company, a leading Iranian company targeting oil and gas upstream field development activities, signed a Memorandum of Understanding. 

The parties agreed to evaluate possible upcoming development and re-development projects in the Iranian oil and gas industry. The document was signed in Vienna by S. Mostafa Khoee, Dana Energy Board Member and Upstream President, and Johann Pleininger, OMV Executive Board member responsible for Upstream.

OMV has a long lasting partnership with Iran and entered the country in 2001. In 2016 the National Iranian Oil Company (NIOC) and OMV signed a Memorandum of Understanding concerning the evaluation of various fields in the Zagros area in the west of Iran, for potential future development. OMV also signed a joint study agreement with NIOC Exploration for the Fars area.

Background information:

OMV in Iran

OMV entered Iran in 2001 as the operator of the Mehr exploration block in western Iran, leading to a successful discovery (Band-E-Karkheh) in 2005. Most recently, in his announcement of OMV’s strategy on February 18, 2016, OMV CEO Rainer Seele has set Iran as one of the three development areas in the Upstream portfolio.

OMV Aktiengesellschaft

With Group sales of EUR 23 bn and a workforce of around 24,100 employees in 2015, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV focuses on three core regions – CEE (Romania, Austria), North Sea as well as Middle East and Africa – and selected development areas. 2015 daily production stood at approximately 303 kboe/d. In Downstream, OMV has an annual refining capacity of 17.8 mn tonnes and approximately 3,800 filling stations in 11 countries as of end of 2015. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany. In 2015, gas sales volumes amounted to 110 TWh.