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Gazprom Neft strengthens cooperation with OMV in the development of Iranian projects

Gazprom Neft - OMV

At the St. Petersburg International Economic Forum, Gazprom Neft signed with OMV Aktiengesellschaft a Memorandum of Understanding. The document, which describes the mutual interest projects in the oil and gas industry, was signed by First Deputy General Director of Gazprom Neft Vadim Yakovlev and OMV Executive Board member responsible for Upstream, Johann Pleininger.

The agreement outlines the general interest of both companies to work together on the territory of the Islamic Republic of Iran. Preliminary possible spheres 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).

"The Middle East is one of the priority regions in the long-term development strategy of Gazprom Neft. Our company is developing a large project on the Badra field in Iraq, continuing geological exploration in the Kurdish Autonomous Region of this country and it is studying the possibility of participating in the development of two blocks in Iran. According the extensive experience of OMV in the Middle East and in Iran, joint geological assessment of blocks will be most effective," said Vadim Yakovlev, First Deputy General Director of Gazprom Neft.

“Russia is developing as OMV’s new core area in the upstream business and we can look back on a long-lasting partnership with the country and with Russian oil and gas companies. It fits into our Upstream strategy to link the activities and partnerships in Russia with possible new opportunities for OMV in the Middle East”, said Johann Pleininger, OMV Executive Board member responsible for Upstream. 

Background information:

OMV Aktiengesellschaft
OMV is producing and marketing oil & gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 19 bn and a workforce of around 22,500 employees in 2016, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV has a strong base in Romania and Austria and a balanced international portfolio. 2016 daily production stood at approximately 311,000 boe/d. In Downstream, OMV has an annual refining capacity of 17.8 mn tonnes and approximately 3,800 filling stations in 11 countries (including Turkey) as of end of 2016. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany. In 2016, gas sales volumes amounted to 109 TWh.