DNO signs MoU to develop Iran's Changuleh oil field
OSLO -- Norwegian oil and gas operator DNO ASA announced the signing of a memorandum of understanding (MoU) with the National Iranian Oil Company (NIOC) to conduct a study concerning the development of the Changuleh oil field in western Iran. The Changuleh field, discovered in 1999 but never developed, is estimated to hold more than 2 Bbbl of oil-in-place.
"Iran presents an obvious and exciting next step in expanding DNO's footprint in the region," said DNO's Managing Director Bjørn Dale. "Our low-cost, fast-track development strategy and our fractured carbonate reservoir experience in the Kurdistan region of Iraq can be easily applied and leveraged in Iran," he added.
The company has established a wholly owned subsidiary, DNO Iran AS, amid preparations to increase its presence in Iran.
