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OMV and NIOC sign Memorandum of Understanding

News Release, May 4, 2016 - 12:00 pm (CEST)

Today, May 4, 2016, the National Iranian Oil Company (NIOC) and OMV, the international, integrated oil and gas company, have met in Tehran, Iran and signed a Memorandum of Understanding (MoU) concerning the evaluation of various fields in the Zagros area in the west of Iran, for potential future development. The MoU also covers an envisaged cooperation in the area of technology research, crude and petroleum product swap business.

OMV CEO, Rainer Seele: "This Memorandum of Understanding 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 our previous positive experience in the country. We look forward to evaluating the opportunities of OMV in Iran and the cooperation with NIOC to evaluate whether there are areas of potential cooperation in the exploration and development of oil and gas."

In addition, OMV and NIOC have signed a joint study agreement for the evaluation of the potential hydrocarbon prospects in the Fars area, for which a two year study work program has been agreed between the parties.

OMV Executive Board member responsible for Upstream, Johann Pleininger: "This Joint Study Agreement is the continuation of a long cooperation with NIOC. OMV and NIOC will combine their exploration expertise and knowledge to jointly evaluate the hydrocarbon prospects of the Fars area of Iran. We are also pleased to be able to use our pioneering expertise in IOR/EOR (Improved Oil Recovery/Enhanced Oil Recovery) in Cheshmeh Khosh and Band-E-Karkheh fields in the framework of the signed Memorandum of Understanding. This signifies the existing spirit of mutually beneficial partnership between the two entities."

Background information:

OMV in Iran
OMV entered Iran in 2001 as the operator of the Mehr exploration block in western Iran, leading to a successful discovery (Band-E-Karkheh) in 2005. Most recently, in his announcement of OMV’s strategy on February 18, 2016, OMV CEO Rainer Seele has set Iran as one of the three main development areas in the company’s Upstream portfolio.

OMV Aktiengesellschaft
With Group sales of EUR 23 bn and a workforce of around 24,100 employees in 2015, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV focuses on three core regions – CEE (Romania, Austria), North Sea as well as Middle East and Africa – and selected development areas.  2015 daily production stood at approximately 303 kboe/d. In Downstream, OMV has an annual refining capacity of 17.8 mn tonnes and approximately 3,800 filling stations in 11 countries as of end of 2015. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany. In 2015, gas sales volumes amounted to 110 TWh.

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