Baku, January 26, AZERTAC
OMV, a Vienna-based oil and gas company, and Iran's Dana Energy company signed a memorandum of understanding on Wednesday to cooperate in Iran's oil and gas industry, according to Anadolu Agency.
The parties agreed to evaluate possible upcoming development and re-development projects in the Iranian energy market.
OMV has been active in Iran since 2001, but in 2006, the UN Security Council imposed sanctions on Iran that halted OMV’s business in the country.
Interest in Iran has boomed after sanctions were lifted in July 2015.
In 2016, OMV and the National Iranian Oil Company signed a memorandum of understanding to evaluate various fields in the Zagros area in the west of Iran, considered to be among the most promising hydrocarbon-bearing regions in the world, for potential future development.
OMV also signed a joint study agreement with National Iranian Oil Company Exploration for the Fars area last May.