OMV to help Iran develop Band Karkhe oil field

Oil&Gas Materials 25 May 2016 12:49

Tehran, Iran, May 25

By Mehdi Sepahvand - Trend:

Iran's Oil Engineering and Development Co. and Austria's OMV have signed an MoU to jointly develop Band Karkhe oil field in western Iran.

The agreement has to do with the development of the field's first phase, the Iranian company's CEO Abdolreza Haji Hosseinnejad told Mehr News agency May 25.

This phase will produce 7000 barrels of crude per day, he noted.

OMV is also in talks over the development of Cheshmeh Khosh field in western Iran.

Before severing ties with Tehran due to sanctions, OMV had signed MoUs for developing Mehr oil bloc, exporting 2.2 million tons of LNG per year, and expanding South Pars Phase 12.

Band Karkhe is estimated to hold 3.9 billion barrels of in-situ oil.