OMV unveils details of Iran oil deals
Baku, Azerbaijan, Sept. 3
By Umid Niayesh – Trend:
OMV, a leading international oil and gas company, has recently signed two documents with the National Iranian Oil Company (NIOC) for cooperation in the country’s oil projects.
A memorandum of understanding, signed by OMV and NIOC, concerns the evaluation of various fields in the Zagros area in the west of Iran, for potential future development, the company told Trend Sept. 2.
In addition, OMV and NIOC have signed a joint study agreement for evaluation of potential hydrocarbon prospects in the Fars area, for which a two-year study program has been agreed between the parties, according to the OMV Public Relations.
The OMV will use IOR/EOR (improved oil recovery/enhanced oil recovery) in the Zagros area in the west of Iran, the company said, adding that the OMV and the NIOC will jointly evaluate the hydrocarbon prospects of the Fars area.
The memorandum is an important first step in resuming OMV’s activities in Iran and in the long-term cooperation with the National Iranian Oil Company, building upon OMV’s previous positive experience in the country, the company said.
“OMV will further evaluate its opportunities in Iran and the cooperation with NIOC to assess whether there are areas of potential cooperation in the exploration and development of oil and gas,” the company added.
By holding 157.8 billion barrels of recoverable crude oil reserves, Iran possesses the world’s fourth largest reserves of crude oil.
The Islamic Republic also holds 34 trillion cubic meters of proven gas reserves, sharing 18.2 percent of total global gas reserves.