TEHRAN, Jan. 25 (Xinhua) -- An Iranian oil exploration and production company signed a memorandum of understanding (MoU) with an Austrian oil and gas company for cooperation in upstream oil projects in Iran, semi-official Fars news agency reported on Wednesday.
The Austrian OMV, the international, integrated oil and gas company based in Vienna, and Dana Energy company, a leading Iranian company active in oil and gas upstream field development activities, signed the MoU and agreed to evaluate possible upcoming development and re-development projects in the Iranian oil and gas industry.
The document was signed in Vienna by Mostafa Khoee, Dana Energy board member, and Johann Pleininger, OMV executive board member responsible for upstream.
Reportedly, OMV entered Iran's energy market in 2001. In 2016, the National Iranian Oil Company (NIOC) and OMV signed an agreement concerning the evaluation of various fields in Zagros area in the west of Iran, for potential future developments, and to carry out a joint study for the explorations in the southern Fars area.
One year after the nuclear-related western and international sanctions against Iran were lifted, several international companies have started negotiations to establish themselves in Iran's oil and gas projects.
Iran is in possession of one of the world's largest oil and gas reserves.