DNO ASA, the Norwegian oil and gas operator, 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.

Changuleh, discovered in 1999 but never developed, is estimated to hold more than 2 billion barrels 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.

About DNO

DNO ASA is a Norwegian oil and gas operator focused on the Middle East and North Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Yemen, Oman, the United Arab Emirates, Tunisia and Somaliland.

About NIOC

Since 1951, National Iranian Oil Company (NIOC) has been directing and making policies for exploration, drilling, production, research and development, refining, distribution and export of oil, gas, petroleum products.
NIOC, with a vast amount of oil and gas resources, is one of the world’s largest oil companies. At the present time, it is estimated that the company holds 156.53 billion barrels of liquid hydrocarbons and 33.79 trillion cubic meters of natural gas.