Iran inks oil agreements with Austria

Austrian energy company OMV one of the early movers into an opening Iranian energy sector.
By Daniel J. Graeber  |  March 1, 2017 at 6:49 AM
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March 1 (UPI) -- An Iranian leader reached an agreement with his Austrian counterparts to cooperate on oil field development, Iranian state media reported.

The official Islamic Republic News Agency reported that Sorena Sattari, a vice president for science and technology for Iran, is on a state visit to Vienna.

"According to Parviz Karami, an advisor to Sattari, five agreements on science and technology as well as documents on bilateral cooperation in the fields of oil and modern energies have been signed by the two sides," IRNA reported.

OMV is one of the early movers back into the Iranian energy sector among European companies. The company in January signed new arrangements for potential work with Iran's Dana Energy Co., a player in exploration and development.

In January, the Iranian Oil Ministry included OMV on a list of 29 foreign oil and gas companies that are qualified to take part in any upcoming tenders for exploration and production. European companies like OMV and French supermajor Total waded into the Iranian energy sector early by signing agreements last year.

Iran is the only member of the Organization of Petroleum Exporting Countries allowed to produce more oil under the terms of an agreement meant to offset the supply-side strains that pushed crude oil prices to historic lows last year.

An overview of the ease of doing business in Iran from the British government finds the Islamic republic is "the biggest new market to enter the global economy" in more than a decade.

The Iranian vice president's advisor said the visit to Vienna was in line with a five-year plan to stimulate bilateral cooperation.

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