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Gazprom Neft, OMV to coop. on Iran's oil projects

Austria’s OMV and Russia’s Gazprom Neft have signed and MoU to develop oil and gas projects of the Islamic Republic of Iran.

Gazprom Neft, OMV to coop. on Iran's oil projects
(Friday, June 23, 2017) 00:42

Russia's Gazprom Neft and Austria's OMV will work together in Iran's oil sector under a Memorandum of Understanding (MoU) inked by Vadim Yakovlev, Deputy chairman of the Management Board and First Deputy CEO of the Russian firms as well as the OMV’s Director for Upstream Business Segment Johann Pleininger.

Preliminary possible areas of cooperation include analysis, assessment and study of certain oil deposits located in the territory of the Islamic Republic of Iran in cooperation with the National Iranian Oil Company (NIOC).

Vadim Yakovlev said OMV could help Gazprom Neft in the initial geological assessment of two blocks in Iran.

He noted that the Middle East was one of the priority regions in the long-term development strategy of Gazprom Neft.

Meanwhile, OMV’s Pleininger said cooperation with Russia in the Middle East was compatible with the companies’ upstream strategy.

OMV began activity in Iran in 2001 as the operator of Mehr exploration block in the west of the country. It halted operations in 2006 due to international sanctions imposed on Iran.

Following sanctions removal last year rooted in a nuclear deal Iran reached with world powers, OMV signed a cooperation document with the NIOC for projects located in Zagros area in western Iran and the Fars field in the south, where foreign companies often need a local partner to operate.

OMV, which has singled out Russia, the United Arab Emirates and Iran as growth areas, sealed an agreement with Tehran-based Dana Energy in January on development of oil and gas fields.

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