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Norwegian Oil and Gas Company DNO, Signs MoU with Iran to Develop Oil Field

DNO’s shares recently rose 8 percent upon the news of a venture with Iran and the company already has operations in North Africa, Middle East and Iraqi Kurdistan.


Oil and gas company, DNO ASA is signing a deal with Iran to develop an oil field making them the second western company to sign energy deals since sanctions were lifted against the oil-rich country. France’s Total was first to seek partnership with Iran and has already begun developing oil fields in Iran. The Norwegians at DNO have recently signed a memorandum of understanding with the National Iranian Oil Company (NIOC) to begin a study that will determine whether Changuleh oil fields in western Iran are suitable for oil production. 

DNO’s shares recently rose 8 percent upon the news of a venture with Iran and the company already has operations in North Africa, Middle East and Iraqi Kurdistan. 

"Iran presents an obvious and exciting next step in expanding DNO's footprint in the region," DNO's Managing Director Bjørn Dale said in a statement.

Total last week signed a deal with NIOC to further develop the South Pars gas field in the Gulf, the world's largest field which extends into Qatari waters.

This second deal is seen as a boost to Tehran's efforts to attract investment following the lifting of sanctions earlier this year.


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