According to the MoU, both parties agreed to evaluate possible upcoming development and re-development projects in the Iranian oil and gas industry.The document was signed in Vienna by Dana's upstream president Seyyed Mostafa Khoee and his OMV counterpart, Johann Pleininger.
The implementation of the new petroleum deals is possible if foreign companies place cooperation with Iran on their agenda and provide the appropriate conditions for transferring technology to Iran.
Dana was established in 2000 and describes itself as the largest private oil and gas company in Iran.
OMV entered Iran in 2001 as the operator of the Mehr exploration block in western Iran, leading to a successful discovery (Band-E-Karkheh) in 2005. In 2016 after the removal of sanctions, it signed a Memorandum of Understanding with state-owned National Iranian Oil Company (NIOC) concerning the evaluation of various fields in the Zagros area in the west of Iran, for potential future development. OMV also signed a joint study agreement with NIOC Exploration for the Fars area.