OMV, Dana Energy Ink Oil & Gas Deal

Energy company OMV signed a memorandum of understanding for the development and re-development of oil and gas projects in Iran with Tehran-based Dana Energy, the Austrian group said on Wednesday, without giving details.

OMV started operations in Iran in 2001 as the operator of the Mehr exploration block in the west of the country, but halted operations in 2006 due to sanctions being imposed on Iran.

Last May it signed a memorandum with the National Iranian Oil Company (NIOC) for projects located in the Zagros area in western Iran and the Fars field in the south of the country, where foreign companies often need a local partner to operate.

Reporting by Shadia Nasralla